Looks like a Media 2.0 Workgroup has organized a group of great minds to to work on an initiative that will focus on the ethics of participation. The project however, is fairly open to anyone looking to get involved - just head over to Media 2.0 Best Practices page to learn more.
I think the approach is great - collaborative and community oriented. Definitely reflective of the social space. It is also relevant. Although many of us who engage in the social media space tend to practice and preach the genuine connection of community and corporation, there is a silent majority who are still uncertain of what this new media stuff is all about. Clients flood agencies with requests like "I think it'd be great to do something social in Q3" or "I want to do something around social media. Here's my budget. Now get to work and we'll talk in five days". These requests are not ignorant - just uncertain. Having a definitive document that is as dynamic as this industry should help educate that silent majority and allow for better decisions prior to getting their feet wet.
We don't have to look far from home for an example of unethical marketing. The dangers are easily seen within the Facebook advertising model. Find a truly relevant product/service ad in your Facebook profile. Chances are at least two out of three ads will be bait & switch ads or spam proclaiming the glory of "I got fired and now I make $7k a week". Most of these ads are just hunting for mobile phone info (and will abuse the "permission" you give them). As a result there will be a very [very] skeptical consumer base on Facebook who will eventually block all ads from their impulse and memory. Marketers tend to ruin it for themselves. Hopefully Media 2.0 Best Practices can capture some attention from those who spend money in this space.
Go check it out at @ Media 2.0 Best Practices