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This gets my vote for "Most Interesting post of the year". I missed it all but have spent the last hour reading it all.
Everyone has made some very valid points, if not repeating each other quite a bit. I never saw this as an "experiment" how is it experimental, it can only be damaging... He makes out that this is also a contest... well why didn't Aquent post this "contest" on their own site and post ads in the design press with a worthwhile prize – instead of plugging 99designs.
Matt created an interesting discussion and I applaud him for coming on here to defend it. I fear Aquent are licking their wounds and now trying limit the damage this may have done.
I hope that freelance designers pull themselves from their books in protest of Aquent's behaviour.