Sohum all the way! He has been giving the right facts.
5 day cricket is so great right, ODI's are so great right? Then dont they have the power to keep their flag flying inspite of the onslaught of T20 cricket (or what you call, the IPL). Its our (Indian) domestic tournament. We do whatever we want (add Bollywood glamour to it, dancing, etc). We are not going to each and every country and begging them to come and play in our tournament. The ICC let us exist because its a domestic competition. Just as county cricket attracts overseas players, we attract too. And they came in hordes seeing the money. Now blame the players who bought into the money.
The way other country fans are talking about how the IPL has been a waste of time and is not cricket, it seems to have really made them jealous of its sucess (or else, why would they be talking about it?). The IPL is here to stay. Police your own players, police your own board. The IPL is not going anywhere!