100% agree. I've actually reported WSJ to Google several times for cloaking (that's what Google calls this bait-and-switch). The penalty for this is supposed to be deindexing of the entire site from all Google results, but apparently WSJ gets a pass on that. At least they're being punished to some degree.

For the record, if anybody needs a draggable WSJ paywall bypass bookmarklet, I put one up here:

http://salzeko.com/wsj/