Notable game designer Robin D. Laws had this to say in his livejournal recently:
The $5000 access fee is a blunt and imperfect instrument. It keeps the basement operations in the starting blocks, but doesn’t stop a couple of well-funded entities from pumping out deluges of quickie products. It may dissuade some established companies from entering the fray, depriving players of some hypothetical high-quality products. Overall, though, it should go at least some distance toward better matching the quantity of products produced to the market’s ability to absorb them. More finely tuned approaches to the problem, like quality inspection by WotC designers or outside committees, are either financially or organizationally unfeasible. A coarse solution is better than none at all.
What say you, gentle readers?