I think this is pretty much identical to the subject being discussed here:

http://news.ycombinator.com/item?id=1426211

There's a lot of discussion there already, and it might be worth reading it before commenting here and repeating all the arguments.

ADDED IN EDIT: Having gone and taken my own advice (for a change 8-) I prefer the other article because the diagrams are larger and in-line.

It's the same article by the same author, of course. One is a preprint and the other is from this month's CACM.