"Phooey": a pre-eminent cryptographer responds to Ray Ozzie's key escrow system

I have a lot of respect for ex-Microsoft Chief Software Architect Ray Ozzie, but when I saw that he'd taken to promoting a Clipper-Chip-style key escrow system, I was disheartened — I'm a pretty keen observer of these proposals and have spent a lot of time having their problems explained to me by some of the world's leading cryptographers, and this one seemed like it had the same problems as all of those dead letters.