Grammar porn: Is "you and I" an acceptable substitute for "you and me"?

Since his election, the president has been roundly criticized by bloggers for using “I” instead of “me” in phrases like “a very personal decision for Michelle and I” or “the main disagreement with John and I” or “graciously invited Michelle and I.”

The rule here, according to conventional wisdom, is that we use “I” as a subject and “me” as an object, whether the pronoun appears by itself or in a twosome. Thus every “I” in those quotes ought to be a “me.”

So should the president go stand in a corner of the Oval Office (if he can find one) and contemplate the error of his ways? Not so fast.