To me, this is as valid a form of protest as is an affirmative action bake sale. Personally, I think it's pretty funny.
And the executive director of the Massachusetts Republican Party is a puss.
Update: John at Discriminations (see blogroll at left) has an interesting post on the topic.
Update #2, 11/24/06: EdTrust, via Joanne (see blogroll at left), reports that flagship universities are directing more financial aid to higher-income students and less to low- and middle-income students. I'm all for giving financial assistance to those who need it, regardless of their skin color.