Excellent post. Even more, those who would go to WMT as cash customers to get the $4 deal, are not exactly high revenue, profitable customers at WAG. The valued WAG customer is one (like my wife) who goes there 2-3 times a week: once through the drive-through and a couple of times to drop $30-$40 on all kinds of other stuff for the family.
I think it's time to put to rest all of the comparisons of Walgreen's vs. Wal-Mart vs. CVS. Anyone who has visited these three stores on more than one occassion will realize that Walgreen's either does not have the same target market (WMT) or it's a much better shopping experience (CVS). People who would transfer their scripts to take advantage of the $4 plan probably wouldn't shop at WAG to begin with. Also, WAG's store conditions, locations, and customer service put CVS & others to shame (in my experiences; I only speak for myself). Sure, there are still valid comparisons to be made between these retailers, but the ones offered so far seem a bit obtuse coming from people I assume have a vested interest in Walgreen's (thus, should be more informed than they're making themselves out to be).