Text speak makes me want to hit people with dictionaries. I'm a sixth form teacher of BTEC students and I have had essays handed in to me riddled with text speak, on more than one occasion. Horrible. One student hadn't even realised she was doing it 
We also have a friend our age who uses textspeak all the time. Recently, he told us he's been using a dating site, and linked us to his profile, asking our opinion as he wasn't attracting the kind of girl he was looking for. The entire thing was in hideous textspeak. It just makes you look like a thick chav < smug superior emoticon> Especially the ones which are unnecessary as it's not like it saves you time?
Didn't the whole thing originate back when a text message was limited to a certain number of characters? I used it then, only in those circumstances, and I was a poverty stricken teenager. I would never use it on a formal document or anywhere else myself.
Suggested standard punishment for culprits?