One of the things that will strike Nortel Networks investors when they receive the company's 2003 annual report is the low quality paper used. It's so thin, you can easily see right through it if you hold it up to the light. It's so thin, if I went on a camping trip and only had the Nortel annual report after running out of TP, I'd try to find something else.
I guess Nortel deserves some credit for trying to save a few bucks in light of its accounting scandal. The company is really in a no-win situation: by putting out a cheap annual report, Nortel gives people another target to shoot at. If, on the other hand, they put together a glossy "we're still alive and kicking" annual report, people would likely shoot them down for spending too much money.
My take is Nortel went too far on the frugal scale. Then again, their 2002 annual report wasn't much better, which doesn't say that much.