Dude, you're SO RIGHT. As an "oldbie" I've certainly seen my share of wank, and I've leapt into the fray to defend people. All it's done is bite me on the ass, hasn't changed anyone's mind, and the people about whom the wank is propagated still get splooged on. So, like you said, it's much more prudent (though very hard to do!) to sit back and just observe. The truth eventually comes out. Now, whether the truth matters to those who wank... that's another LJ post right there.
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In other words, Wordy McWord, man.