I cannot resist the first snarky comment: somebody might want to have proofread the header on this letter before sending it out.
Apart from that, I am struck that the signatories on this letter by and large are from schools that are fairly insulated from the economic struggles facing law schools. Perhaps that is good; they are able to see things clearly while the rest of us hide our heads in the sand.
Beyond that, the letter does nothing but to add a long but distinguished list of names (anybody recall the early bar scene from Top Gun?) to a discussion that has been repeated many times over in the past year or two.