Apple is doing the right thing
but the selling the idea that they are doing it for free (at least in Europe) is going a bit too far.
The WEEE directive has been in force for years now and the cost of recycling is included in the cost of purchase. The industry as a whole is obliged to channel used electrical and electronic equipment to plants for safe disposal/re-use/recycling. So if you buy a new Dell to replace your unibody, the seller would have to take you used mac in for free and channel it to the right destination. Apple couldn't charge for this service even if it wanted to.
However, as macs contain a fair amount of aluminum and other reusable parts, perhaps it's in Apple's best interests to get used macs back and not see someone else making money off recyclable materials.
EDIT: I forgot the link!