There is a similar discussion going on at abovethelaw.com for all those who can't get enough of this one.
I think dewayne_wayne's last point is valid. In fact, I was thinking about this same thing last night. More law students = more affordable legal services. While I agree with this from an economic standpoint there is still the issue of the quality of legal services. If these attorneys are not competent (not saying that all T3 and T4 grads are not competent) then those people who need public legal services are not getting effective representation. In other words, they are f***ed.
On the other hand, if these attorneys were eliminated from the marketplace, then people who desperately need services of that sort would have absolutely no low-cost option. In other words, they will be doubly-f***ed.
As with most segments of our society, the poor get shafted. This is no different.
Yes, it is much better to have the "poor" get T4 graduates with only minimal competence representing them....