A tie...and a bowl-out??? Say what??

Are you kidding me? A bowl-out? What does that mean, anyway? I have been following cricket ever since I was 7 years old and I have never heard anything absurd like that. Is ICC really serious about this gig? To me, it's making a mockery of what once used to be a gentleman's game.
I am a huge fan of cricket, be it test cricket or ODI's or even 20-20. I'll watch any kind of cricket. But, even for me a "bowl-out" is going too far. This isn't soccer where a World Cup can be decided by Penalty kicks.
Call me crazy but what happened in today's WI-NZ match ain't cricket and it has no place in cricket. I am all game about the old-fashioned tie.