I saw this mentioned by someone over in the NBA Live Wishlist in reference to the slam dunk contest and the game in general, so I thought I'd make my own post about it.
The argument that the dunk is indeed ruining the game is that it does not allow players to work on the fundamentals. Players are more interested in making a spectacular dunk than they are perfecting their jumpshot, or improving their ballhandling. The assertion is basketball has become more about the highlight reels than executing a play.
I do not agree that the dunk is ruining, or has ruined, the game of basketball. The dunk in its raw form, putting the ball through the basket with force, is a high percentage shot. Yes, it can be missed, but for a seven foot centre, a shot so close to the basket and with such high odds of being successful, it should be part of his arsenal. A simple dunk (well, simple by their standards) is just the next step up from a layup. Chamberlain and Russell used it because it's a high percentage shot. Just because some players use their athleticism to make it appealing to the crowd does not mean it is not an effective shot.
Also, the players who bring nothing to the table but fancy dunks usually fade out of the league. Terrance Stansbury competed in a few dunk contests, but he only played around 5 years in the league, never having a really significant role on the Pacers or Sonics. Harold Miner won two slam dunk contests, but he played only 4 years, as he didn't show much else.
Then you have guys like the two time defending champion Jason Richardson. It's been said that he's greatly improved his jumpshot since entering the NBA, though he is shooting below 40% this season. Overall, his numbers are by no means terrible, especially when you consider the times that he has barely played.
I don't think the dunk is causing basketball any problems. There are still guys who can shoot, still guys who can pass, still guys who can dribble the ball without losing it more than half the time. The players who can do nothing but dunk come and go quickly, leaving the talented players behind. Even if most of us would rather watch a tape of spectacular dunks than great team play, at the end of the day it's the team that can play the best basketball, not pull of the best dunks, that wins the championship.