Dear All:
On this topic but in more broad terms, Sheldon Pollock has recently written a very important article on the larger ethical implications of the loss of classical languages and the discipline of philology in Universities worldwide. Given the constituency of this list, we should all read it as he makes some important suggestions about how "we" should position ourselves in terms on theoretical sophistication and in relation to institutional mission statements and identity.

Pollock, Sheldon. "Future Philology? The Fate of a Soft Science in a Hard World." Critical Inquiry, 35 (2009): 931-961.