The End of an Era for Academia.edu and Other Academic Networks?

The Chronicle of Higher Education reports that Elsevier has issued a sweeping series of Digital Millennium Copyright Act (DMCA) take down notices regarding Elsevier-published content to Academia.edu, a file-sharing network for researchers and other academics.

This has prompted a storm in the Twittersphere, a response from Elsevier, a number of commentaries on blogs and list-serves, and a truly bizarre article from CNET. Academia.edu for its part is reportedly encouraging authors of affected papers to sign this Elsevier boycott petition despite the fact that their own terms of use prohibit the posting of content that infringes on the copyright or license of publishers such as Elsevier.

Is this a footnote or the end of a chapter in the annals of digital science publishing?