Use of an ellipsis is fine as long as it's used correctly. Many times I see those three periods at the end of every sentence, which is incorrect. It should be just a period to end a sentence. The same with contractions. They are fine if used correctly. I don't expect anyone to spell out "cannot" when "can't" works just fine. However, "cant" is not because it's missing the apostrophe. This is one of the larger issues, actually, along with capitalization.
Also, as Swede said, it's not a witch hunt. We're happy to help out with spelling and such for those who aren't good spellers or for whom English is not a first language. It's the ones who know how to do it, but choose not to because of internet slang, cuteness, or just plain laziness.
Thanks everyone for your comments.