I studied linguistics and literature for a while and the flexibility of the english language has never ceased to amaze me. I dont think "spelling mistakes" exist in a language as long as the written word conveys the appropriate meaning.
Meaning is an unusual vector with two directions - bent and depth. Bent is the "meaning" we associate with the word. Depth is the "effect" the word has on the reader.
Example:
The is less powerful than Teh when it comes to "Depth" and both fare equally on the "Bent" scale.
Owned has been granted a "Bent" by the people. Pwned simply enhances the depth of the word...has more impact!
Get my drift?
I think Compation is perfectly functional. Sorry to turn this into a linguistics discussion but I adore words that are spelt in defiance without altering the content of the text.
Brilliant stuff...many papers have been published on this tendency of linguistic evolution. This is just one more example...