Granted, this guy's cover letter is not going to win him the job. But "Send us your resume! We'll post it on our web site and make fun of it! And your grammar, even though ours is not completely correct either!" is not going to win this company applicants, either.
You don't seem to like this "self-entitlement" thing. Don't you think it's also a little "self-entitled" to expect great people to be excited about the opportunity to work for you, without caring about the so-so salary?
Entitlement is only a problem if the expectation is unrealistic. Seems like the company is the one with entitlement problems in this case - expecting to find such a qualified candidate without offering the appropriate pay that is typical of someone of that caliber.