Believe it or not, outside the VC bubble, businesses need to make money to survive. (I know, right? Shocking!) Without revenue, there won't be a New York Times anymore. The paywall seems to be helping with that (see: http://allthingsd.com/20120806/the-new-york-times-reports-a-..., http://go.bloomberg.com/tech-blog/2012-12-20-the-new-york-ti...), and it's low enough that it's never seriously inconvenienced me as a non-subscriber. (Though it has prompted me a few times to think about becoming a subscriber, which is a feature, not a bug.)
So what's the beef?
When it comes to content, I think we should be encouraging companies to find ways to fund high quality content. That's what the NYT has done with their metered pay wall, and it feels like this is something that should be encouraged. Otherwise they will become yet another newspaper that is sold off or shut down...
http://www.google.com/search?btnI=I'm+Feeling+Lucky&q=let%20...