Basically, EV Certs work like this:
- Organization requests an EV Cert from a CA.
- CA goes through a more stringent legal process to authenticate the requesting organization.
- CA issues EV Cert to requesting organization.
- Web site visitor sees the address bar turn green (like Microsoft's fictitious Woodgrove Bank example).
The primary problem is that EV certs were not needed until it became apparently obvious through phishing and other fraudulent scams that CAs issue SSL certificates to anyone with a few hundred dollars to buy one. If only CAs followed the diligent process in the first place, there would be no market for EV certs. [The same could be said about DNS registrars not allowing domain registration to be so easy, hence F-Secure's suggestion to create a new ".bank" top level domain (TLD).]
The secondary problem is that CAs are passing their failures to properly validate SSL certificate requests into a new and improved offering at a higher price. Many of the CAs are acting like drug pushers by offering their customers to upgrade to EV SSL certs at no extra price (only to have the cert renewals come in at the 20+% increased price). And there is the obvious complaint that the increased price for a green address bar gives an unfair advantage to big corporations against the independent small business owners who may only afford the traditional SSL certificates.
On to some meta-cognitive comments ... This rant is not necessarily timely in the sense that CAs are trying to mass market EV certs, and there have been many people to articulate most of my complaints against them, but there is one key complaint I do not hear from industry analysts: the CAs should have been following the extended (i.e. diligent) process from the very beginning.