I actually didn't think VS made the Phi Beta Pink line anymore. I remember it first came out in Fall 06, because it was around the same time a good friend of mine got a bid to Pi Phi, and since she's absolutely crazy about VS, she thought it was the coolest thing that Phi Beta Pink sounded like Pi Beta Phi. (Well in her opinion at least).
I personally don't mind it. But that may just be because I'm biased since worked there for about a year, and became a giant Victoria's Secret tool. (Hence my username....)
But I can understand why people might be put off by the collection because of what the store sells. The same thing happened this past summer when VS obtained permission to use official college logos and use them to make their own Pink Collegiate Collection. Some of the schools, such as University of Minnesota and I believe Boston College, ended up pulling the plug on letting VS use their logos on merchandise because the schools did not want to associate their name with Victoria's Secret.
Personally, I LOVE the Collegiate Collection certainly don't mind seeing Phi Beta Pink either. Especially because all of the Phi Beta Pink and college stuff only has the Pink logo, which many people might not even recognize as a Victoria's Secret brand. And those who do identify it as a Victoria's Secret brand understand that what Pink is offers very different from the other lines at Victoria's Secret such as Very Sexy or Sexy Little Things. In fact, I think that many VS customers would consider Pink more of a lounge-wear clothing line than a lingerie line.
So, no, I personally don't mind it, but I understand why people are hesitant about it. In fact, and I realized I may get critized for this, but I think I would like to see some kind of agreement made between Panhellenic and VS to come out with a line for sororities...I mean I know that will NEVER happen, lol, but I think they could come out with some pretty cute things...Just my opinion!
ETA: Ok, I thought of an instance where I would NOT want to see real sorority letters. With the Collegiate Collection, they made panties with the college logos which I thought was kinda strange. I would definitely not want my letters on underwear... lol But other than that, I still think there could be some really cute sweats, hoodies, bags, etc.......Although I suppose thats what all of those Internet Greek stores are for....