/sigh
I think we've gone over this "argument" often enough, but I'll restate the same points:

1 - Anybody can create a twink, it's definitely easier than getting a level 70 with full S3 gear.

2 - Anybody can create a level 70 with full S3 gear, it just takes a lot of time.

Both possibilities are there. If you're saying that option 1 is bullying, surely you must say that option 2 is bullying too.
Would you like to have a level 70 ? Would you like it to be S3-geared ? I bet you do.
To me, a twink is a fun and ingenious way to get to "emulate" a full geared toon.

If I had an S3-geared level 70 (my 2 level 70s are S1-geared only, with a few Kara items) I would be very happy, but I would not camp, gank or otherwise abuse any lower levels.

When I am in WSG, I do not camp, I do not hit level 10s. I protect my own team. I attack the strongest opponents.

A twink is nothing without a team. Only yesterday, I was the only twink in one of the WSG battles. As I ran the flag, a priest was shielding/healing me, a hunter was delaying my pursuers, a frost mage likewise, a rogue sapping that pesky warlock.
In short, one of the best examples of team work I have had the luck to belong to.

So, as many people said before, it's not what you have, but what you do with it.