I found this story quite interesting irritating. After being in the business of creating visual communication for over 15 years, I have never been a proponent of producing spec work.

The problem here is larger than spec work; it’s ethics -- as the post points out with its reference to the AIGA. Spec work, low-balling, plagiarism, bait and switch, work for hire, and flat-out lying are all related in my book and shouldn’t be done. They ruin the playing field and cheapen the services that are so difficult to keep priced appropriately.

The elimination of these practices has to come from the top, just as any example is set and the little guy always pays the price for such business practices.

It’s simple. Get paid for your work. Do your best job. Be respected. Everyone wins.

Unfortunately, It's not a utopia and you gotta do what you gotta do, but be prepared for the consequences of your actions and don't bitch when your working for half of what is appropriate.