I'll warn you, it is a long post, but its worth reading every word. The post can be found in post #23 in a thread named An SEM Code Of Conduct? where the industry discusses forming a new code of conduct to comply with. Bruce Clay was one of the first to come out with a "personal" SEO Code of Ethics which was published a long time ago on his Web site. Now its time to move forward, please take the time to read the whole post here, I will quote a few passages from the post below.
The web is emerging from the "wild west" stage into a period of accountability, and with that comes the dissenting vocal minority that want to argue against change.
We need action by a group that has contributors and supporters not afraid of loud dissenters. Many people see the need for change, yet many leaders are hesitant to incur the potential wrath of the underworld.
The basic theme of my personal Code of Conduct is to avoid deceptive practices at all costs.