Therefore, textspeak is too ambiguous to make it as a standard language
I suspected someone might point this out - you are quite right that y is ambiguous.
I like to ensure that spelling and grammar is correct. However, I realise that I have to move with the times and therefore when appropriate, either in text messaging, notes to myself using my pda, or on msn with a friend that is familiar with it I'll use the occassional breviation (after all it is more efficient).
Yes! Regarding the ambiguity of "y," I had texted a friend of mine with a specific question, and that was her response (and she's 10 years older than me!). I spent the next 10 minutes wondering why she'd asked why I asked the question, until I figured out that she probably meant "yes." But it was weird--it kind of changed the whole tone of the conversation, with me wondering why she was being sensitive to me asking the question.
I don't mind textspeak if it's confined to texting, but we have a few members who communicate this way on the forums, and it drives me absolutely insane, not to mention makes them come off as less intelligent. I'm generally (and I'm an English teacher) of the mind that different methods of communication are less "right or wrong" than "appropriate or inappropriate." It's fine to speak in textspeak with your friends when texting or even IMing. But you have to know how to adapt your level of speech to fit the situation.
What is a larger concern to me is the fact that you can't get people's faces out of their cellphones long enough to have a conversation anymore. In the classes I'm teaching, at any given point, I will look around and see 3 or more people texting under their desks while pretending to pay attention. I also see people texting in church, in meetings, etc. You can have a policy of "No Cells," but you will be CONSTANTLY trying to enforce it, and get nothing done in the meantime.