A friend of mine just passed this link along to me from Language Log.
The problem, of course, is a misunderstanding of the importance of etymology. Etymology is useful and helpful, but it is really easy to run with ... straight to invalid conclusions. Does word "butterfly" ring any bells?
At this point, it seems appropriate to simply say: Read James Barr (as Eli did in the comments to a previous post on Greek lexicons).
I'll also say that Louw in his Semantics of New Testament Greek gets into this as well.