Second you on the mixed feelings. I'm from Chile, but since I was a kid I've been learning English mostly thanks to the telly and then, from the Internet. School English is made to understand, not to speak.
In most of Latin America, English lessons are not something important for most people, because the actual chance to go abroad for work and actually speak the language is non existent. And that has to do with the nature of the jobs here.
Having said that, I've notice that at least in Chile, and particularly in the startup/software development sector, this is changing at very quick steps, I'd presume it's the same in the rest of Latin America.
So, it's only natural that we have one language for programming, and don't think is a bad thing, quite the opposite. As a social measure, SO is hitting the jackpot, giving spaces for those who didn't have any.
I, personally, would focus more in teaching real life English, i.e. speaking the damn thing in the first place, focus on real life situations, and what not. SO should think this measure is only a patch, in some form. Is not, and it shouldn't be think of as a solution.