As far as the ad hom goes:
You can rave all you want about how the objective value of $160k is somehow diminished by the fact that you are getting billed out at such a rate that a firm can still make a considerable profit on you. You are worth that amount per hour by virtue of where you work, not what you, personally, bring to the table. Ask all of the laidoff biglaw lawyers about that--their time is suddenly worth a hell of a lot less.
Saying "people can go to biglaw" as an "alternative option" to Cravath doesn't make a whole lot of sense. Do you honestly believe many biglaw firms are going to have bonuses significantly larger than Cravath's this year? Some certainly will--you mention Wachtell, which is in a completely different league--but many won't. Edit: A majority of people in law school--including the fabled T6s, judging by my classmates, anyway--did not have investment banking on the table.
Again, as far as those "other options" biglaw folks have--tell that to the scads of unemployment biglaw folks out there at the moment, and the scads that will be following them in June next year.
Seriously, did you time travel to this thread from 2006?
By the way, I never said it was a bad thing to want to make a lot of money. You don't want to get in to a blue-collar fight with me, yet I am very open about the fact that I'm in this for the money. That said, those facts don't keep me from objectively realizing that $160k is, indeed, a lot of money, and people who make it have very little right to bitch about their bonus amounts, particularly in this market.