Offer At Unsubscribe: Desperate or Brilliant?

Personal Creations.com has an offer on their unsubscribe page. The goal is to entice potential unsubscribers to stay on the list by giving them an offer.  This looks like a clever way to stop an unsubscribe - but it also looks like a act of desperation.   

Does it work?  Is it a good idea?  Share your thoughts with us!