How do we prevent the Test network from being misrepresented as production? I'm concerned that people new to Bitcoin may not be aware that the test network exists, and the new users will end up "paying" for Bitcoins that are essentially worthless.

What protections are in place (or should be in place) to prevent a vulture capitalist from selling coins that can't cross between networks?

Should we openly reject offers (or the consumer demand) for coins on the test network?  ... the main idea is that the thought leaders of the Bitcoin initiative want to protect their investment in the network and prevent dilution though potential bad marketing this "counterfeit" network provides.

So again, the question is, what actions should we take with regard to the test network and questions/needs regarding it?  How can we ensure that it doesn't take on a monetary value of its own (or act as a negative influence on the prod network)
The main precaution against such practices should be the main client clearly stating that it is operating on testnet and perhaps with addition "for testing purposes only. Get free testing bitcoins at testnet faucet". This would protect some buyers, but not all (those that would be perhaps scammed into using a testnet eWallet or something).

As for why one shouldn't assign any value to testnet bitcoins, I would argue that the main reason is that the testnet has a tendency of being reset from the very beginning. Currently we are at testnet 3 as far as I remember, and there is nothing stopping the development team from starting a new testnet without much warning.

All in all, if people can be convinced to buy testnet bitcoins, there is little one can do.