Two other points. This list serves a lot of people like you . . . graduate students looking for direction. In fact, this thread was started by a grad student asking for advice/direction. What's a faculty member to do? Ignore possible issues and just say "OK KID, GO FOR IT!" even when and if they think there are issues to be discussed? We were asked our opinion about these considerations. Both sides of the issue have been represented and discussed. I think that's healthy.
Just to stick my head up a little... Ed, Lois probably knows more practical things about IRB work than 99% of those of us on the list. If she's got a stance she's presenting, she probably has a solid backlog of reasons for doing so. [Knowing her pretty well, she's not one to just BS or make things up. :)] I also feel some serious discomfort with the dichotomization between graduate students and "faculty" that your last post drew. I don't feel that that's appropriate, and would prefer to simply "not go there". --e