This is interesting.

Spec work IS the bane of most professional designers and everyone that’s done it and not got the work has a story to tell…. more often along the lines of ‘…and then I saw the logo that was 50% or more of what I came up with…’

From the site:

“At the end of the day, there is a certain irony in spec work. A prospect requesting it is ultimately saying, “My project isn’t important enough to hire a professional who will take the time to understand my situation and goals and invest the time needed to create a suitable solution.” ”

Plenty of people would now rather not do spec work than waste their time and then be ripped off.

[check out more here]