I'm not so sure the matching funds in IBM stock would bother most people. Most of us have a percentage in IBM stock now. If the company match was in IBM stock, then I'd just redirect my contributions elsewhere. The bottom line would be similar.
Tally: I'm not sure that I know anyone who doesn't have IBM in their TDSP. People just need to be careful not to get too loaded up on a single stock. So as the ESPP balance increases, people need to find good opportunities to move some TDSP money out of IBM and rebalance their portfolio. Personally I try to keep my IBM holdings between 15-25% of my total portfolio (ESPP+TDSP+IRA+Personal investments). I use peaks and valleys to move balances. It's been working out pretty well. If the price is high, I usually sell down to the 15% range and when the price is low, I usually accumulate up to the 25% range.