I just saw the letter and could not resist to write about it.

http://swatantran.blogspot.com/2008/07/ieee-wants-its-students-to-be-slaves.html
Its not complete/formated but i am in a hurry now:)

also Vote it here;-)
http://www.fsdaily.com/Community/IEEE_wants_its_students_to_be_slaves
thanks
Shyam K