Much has been made of the holes in the Times paywall, but those focusing on the ways to cheat the paper are missing the point. People who are set on getting their news for free are set on getting their news for free. On the Internet, there will always be a cohort willing to hack around content restraints-- that's the nature of the beast. If you take a draconian stance and expend resources playing whack-a-mole to fight all the baddies, you play a losing game and risk alienating a broader audience.
What the Times understands is that the smart thing to do is to rely on the better angels of your readers-- that segment of the audience that values your content enough to support it. The primary purpose of a good paywall isn't to keep out invaders at all costs, but to encourage people to come through the front door.