It's a brilliant strategy.
Still doesn't change the fact that teams that employ it look like complete bitches *cough*San Antonio*cough* and makes the quality of the games really frustrating and boring as a fan. Yeah, guys should learn how to make free throws, no arguments here, but as a fan I just want to see teams play straight up and see what each of them's got within the flow of the game, not free throw contests. That's why the two teams I seem to be enjoying watching the most in the playoffs are Houston and Washington (aside from the fact that they've each got a Cat starting for them). They play fast, are fun to watch, have young stars shining bright, don't spend the entire game flopping and employing other cheap tactics, and don't have a ton of ACC connections (which may explain why there's not a lot of flopping and cheap tactics).
I don't think there's a way you can really get rid of it, though, unless you just get rid of calling fouls altogether.