I've lived in IIT all my life, first in Kanpur, then in Delhi. My father is an alumnus and a professor. So, I tend to take comments and discussions about IIT a little defensively, even though I'm not actually part of the instituion. But this is un-defendable. I came across it yesterday, and it I'm very glad to see that it's had a quite an impact.... there are many blogs talking [ranting] about it.
I don't have anything new or highly creative to say about this, so read this and this and this. They say everything I want to. I'm just glad I was in class when I first came saw the link, because I would have definitely shouted at someone if I didn't have time to cool down first.