For the countries currently losing most of their qualified and educated citizens, it's certainly not a good thing.
Here's someone who says that immigration contributed moderately to the rise of wage inequality by increasing the supply of low-skilled labor during the 1980's, but that the effect on native worker outcomes was very slight: http://www.jstor.org/stable/2118131?seq=1#page_scan_tab_cont...
EDIT:
"Some countries even rely upon immigrants to keep their social security system up and running, due to their own citizens aging rapidly and not having enough population growth. I believe Germany is one such example."
That's interesting. Maybe this could help with demographic problems here in the U.S. For example amnesty could capture new tax and social security revenues from millions of younger workers. Demand might be lower at a legal minimum wage however.
The supply of jobs is finite imo - a warehouse needs 20 unskilled workers, they'll get 20 workers working for 1200 Euro instead of 20 working for twice the wage, so 20 local people in a town are left with nothing...
So the answer is a ratio, and it's probably not 1:1. Maybe it's 1:.5, but it's almost certainly not as bad as the 1:1.
I was a migrant worker myself, and while I'm grateful for the opportunity to work for a higher salary than I could get home, I still believe that the open work policies are bad for both sides - developing nations get a huge brain drain and a slower internal development, while developed countries get a lot of cheap workers and have unemployment problems with their own citizens...