Cramer has railed about this for some time, but somoeno pointed out that the dollar volume of large individual stocks in say, the FAS, dwarfed the ETF dollar volume. Hardly tail shaking dog. That said, the ETFs do seem to have a tendency to close at extremes.
Dude IWM and SPY are the cows that keep on giving milk. I think ETFs are the best things to happen to traders since the invention of electricity.