Erosion of Privilege?

Christine Hurt, at Conglomerate, has posted about how the new climate of business and legal ethics can drive a wedge between a corporation and its officers, directors, and agents.  Here's the executive summary and a news story (reg req'd) about the Association of Corporate Counsel's new survey, "Is the Attorney-Client Privilege under Attack?"  The ACC is not a disinterested party in this debate but, then again, neither are the SEC or DOJ.  As I've said before, the sky isn't falling, but we may have the makings of a tragedy of the commons.