The technical and legal sides to this discussion are interesting, but I think they're really secondary to the moral side.
I think we can both pretty easily agree that paywalls suck. They're a short-term solution to a problem whose long-term solution isn't clear, and they're probably only marginally useful at that. I also think we can agree that the web is a interesting mix of a kind of quasi-public space and privately-owned space, and that means that discussions about what's 'fair' to access and what isn't are a bit nuanced.
Ultimately, though, regardless of the nature of the content — whether it's text, or images, or code — if a publisher pays to produce content and pays to host that content, does that publisher not have some right to control access to that content? The protocols we use to access it are open, and we pay to access at least some of the interconnects responsible for ultimately delivering it to our browsers, but that alone doesn't confer any access rights. HN, for example, could ban any IP address with which your account's been associated, at the server/proxy level, at any time, and without subverting that you'd have no real recourse.
Generally I feel that the existence of piracy suggests that there are merely under-served customers, and I think that applies here also. Publishers should be coming up with better ways to let users pay for content and try to add real value to that. However, being denied access to the Times and so on does not make your life impossible, or even particularly difficult.