We just published an article at Email Battles that came to a similar conclusion on the Anti-Phishing Working Group. You beat us by 9 months, but we had a catchier title:

Phishing Club: An Addict/Enabler Nest?
(http://www.emailbattles.com/archive/battles/spam_aacjghbejg_jb/)

Nice work.

Thanks! You got the email wrong but I fixed it in the blog. I am told that the APWG does work hard to spread the information. But unfortunately, I have to agree that it remains infected with suppliers and purchasers and that salivating market place destroys any chance of good information being supplied.

For my money, you'll find much better information over at the anti-fraud-coffee-room:

http://wiki.cacert.org/wiki/AntiFraudCoffeeRoom

There, we collect serious researchers together and battle out each other's proposals. It's an open forum, and commercial activity is treated rudely; which means that the participants are focused on protecting users, not phishing their wallets.