I am not diabolically opposed to a one-time transfer without having to sit out for freshmen and maybe sophomores, but I think it is disingenuous when it happens after their junior year. I can see it mostly after freshman year b/c the school/program/coach did not end up being what you thought it would be. Let's be honest, recruits see the best of the program when being recruited and the coaches they end up seeing once they get there can be very different than the ones that rolled out the red carpet for them. By the time you are a junior, it is your fault if you have not figured things out yet.
All that said, and to Bill's last point, sitting out is not some horrible thing. One extra year of college, fully paid, sign me up!