My 2cnts... maybe 3: Taking a young doe off a pile of corn with a stickbow or even compound for that matter has far more "hunting" involved than taking the rut-crazed dominant buck down in a cornfield from 250 yards with a rifle. I would respect the former far above the latter. You still have to hide your scent, hide your movement, silently draw, aim, and follow through. Unless the baiting is a year-long over-the-top operation (a la texas fence hunting), it is far from a guarantee anyway. Deer (especially mature deer) don't suddenly lose all their instincts at the site of yellow piles. To me it seems a moderate amount of baiting could be regulated and still be no less "unethical" than long-range killing.
Laws can have many reasons, but from an ethics perspective, it seems rediculous to look upon the rifle shot as being more "okay" than the baited bow shot. I don't see why bait hunting should be banned for the sake of ethics. It can be banned for other reasons (low deer population, spread of disease, difficulty to regulate, border war problems, etc), but the ethics of it seem irrelevent to me. Given a high deer population, if someone wants to shoot a deer over bait, more power to them. If they want to feel more reward from the experience, they can hunt more conventionally. It should be their perogative just as it is their perogative to pick up a rifle one day a year or jump into a trad lifestyle that demands almost daily attention.
Its all a matter of what YOU want to get out of it for yourself. It seems to me that I should care less about comparing my rewarding experience against another guys rewarding experience... and certainly not care about comparing numbers or score.
There are exceptions, but I think the argument is more often spurred from those that are worried about trophy comparison than those with legitimate ethics concerns. Otherwise we would see more posts debating whether rifle hunting is fair-chase and whether we should condone it or worry about its impact on our public image as hunters. For the trophy scorekeeper, there are clear lines carefully drawn seperating gun-kill and bow-kill. But there are no astericks for bait kill, hence the argument. I think the "trophy-above-all-else" mentality has more negative impact on our public image than baiting ever will.