Well, not all pagination is bad. On very long articles (like the Ars review of Snow Leopard[1]) the pagination is actually useful. It's the exception to the rule, granted.
[1] http://arstechnica.com/apple/reviews/2009/08/mac-os-x-10-6.a...
[1] http://arstechnica.com/apple/reviews/2009/08/mac-os-x-10-6.a...
The problem is with arbitrarily introduced page breaks, where it is doing a disservice to the user in favor of inflating page views.