Anthony C. Infanti (Pittsburgh) has published A Deconstructionist View of Circular 230 From the Sidelines, 107 Tax Notes 1575 (June 20, 2005), also available on the Tax Analysts web site as Doc 2005-12795, 2005 TNT 118-39.  Here is the Conclusion:

When texts leave their authors’ hands, they have a tendency to take on lives of their own. Once liberated from its government authors, even Circular 230 took on a life of its own — it has acquired different meanings in different contexts for different people. For me, there is a spellbinding quality to that dance of deconstruction, as you watch the meaning of the new written advice rules morph from one form to another right before your eyes.

Unfortunately, when the text is one that regulates your own conduct, that tendency of texts to take on their own lives can be the source of a frightening consternation. That this process is natural and normal provides little solace to those who must live with the uncertainty engendered by the free play of a text such as Circular 230. But live with it they must. Because the threshold for punishment under the revised Circular 230 rules has been set so high — to be punished, a violation must be the result of willful, reckless, or grossly incompetent conduct — enforcement of the rules will be left largely to the self-policing of practitioners, who must "recognize the unavoidable limitations and inherent contradictions in the ideas and norms that guide our actions, and do so in a way that keeps them open to constant questioning and continual revision. There can be no ethical action without critical reflection."