Friday night topic: IT jobs, cheap foreign labor

Several of you guys suggested we talk about the (apparently rising) trend of companies shifting IT jobs to poorer countries with cheaper labor and/or more permissive labor regulations. Bill Shannon formulates the question like so:
Should a company that imports its labor from poor regions be constrained by some sort of fair labor law to make importation of labor less of a bargin? For example what if they had to pay at least the federal minimum wage for all labor regardless of source.
I'm also interested to hear more about this trend. Has it affected you? If so, did the move make economic sense for the company, or was it just bad management? Are the kinds of jobs that get farmed out like this really worth having? Discuss.
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