Hear! Hear! A site that finally puts a voice to why spec work shouldn't exist. It says everything that I probably couldn't adequately put into words myself. You should really check it out.
From the site:
"The mission of this blog is to educate both clients and Visual Communication designers (also known as 'graphic' designers) about the nature of speculative, or "spec" work.
It also serves as a vehicle to unite designers who support the notion that spec work devalues the potential of design and ultimately does a disservice to the client."
Visit the site: NO!Spec