Here is a pretty good article explaining the reasons for the strike from Forbes.
Atrios on the emerging argument that you shouldn't support the writers because they are well-paid, and therefore, I guess, greedy:
I'm always surprised how many people fail to be sympathetic to striking workers simply because they perceive them to be "well-paid." Certainly one can always find a more worthy cause, a more desperate case, someone more "deserving." But ultimately this is about whether management gets to screw workers, and that's something we can all be concerned about whether it's janitors, Hollywood writers, or even millionaire baseball players.
Support the strikers. Stop watching TV until this blows over. And especially stay away from soap operas; they've started hiring pseudonymous scabs to replace the strikers until the strike blows over.