It's long, but well worth the read. Plus Dan Apparatus makes an appearance.
The whole issue of spec work / contests / crowdsourcing is an old saw we pull out here on GeePee every couple weeks. This might add to the conversation, or it might just be yet-another-blog-entry. In either case, it raises some good points.
Here's the link
Personally, I'm conflicted. I don't want clients who are looking for a $50 logo. I don't make those kind; the last branding project I worked on billed five figures and was 'worth' a lot more than what some kid with a stolen copy of Photoshop Elements could muster. At the same time, as those pretend-designers grow legion it changes the perception of what design is supposed to do and what the value is. In sum, stupid work makes for stupid clients.