We are at the point of eating the bark off the trees. Woe betide us.

What's worse, as we desperately struggle to sustain the unsustainable (our present way of life), we have to climb farther and farther up the tree to get the bark.

What's the value of the tree we are denuding? How does one include this in the EROI calculations?

At some point this desperate and futile struggle will collapse because of ever rising costs, and then we will be left with that which we have not yet destroyed, the water, the soil, the forests, etc. How much will be left?

That's the limitation of EROI. It seems to improve on dollar ROI in dealing directly with the resource. But it still does not properly account for the destruction of resources that are of essentially infinite value (depending, of course, on how much value one assigns to future human existence).