Some accurate points, but some big inaccuracies, too.
Big one the comment about putting the money into an RRSP which would cause it to be a wash. Except that you can still put the esp into an rrsp and still get the benefit. Also you didn't factor in the capital loss you would have which would balance out the tax paid on the depreciated stock. Of course you also tried to pick basically the worst year as an example.
I'd punch some numbers for fun, but I don't have time right now. Suffice it to say that though we shouldn't be bragging about raising the bar, you shouldn't (ever) be trying to claim we have lowered it. At the end of the day we are being rewarded for working for and building a very good company, while you guys were punished for being part of a bankrupt company (I'm not trying to insuate that was yur fault).