I have no problem with skaters returning to eligible competition as long as they truly want to come back and aren't just pressured into it by their federations, and as long as they're healthy and injury-free.
I guess that's my main problem with Plushenko and Yagudin's return to eligible skating. Both of them have experienced so many serious injuries over the years, I'd just hate to see either one of them permanently injure themselves trying to return to doing all the jumps they need to be serious contenders again. No gold medal is worth that kind of risk...especially since they've already both won everything in sight at the eligible level (except for Yagudin and Russian Nationals).
And since Yagudin's already lost his eligibility, if an exception is made for him to return to eligible competition, an exception will have to be made for all skaters who've ever lost their Olympic eligibility.
At least when the pros reinstated in 1993/94 , they all had to earn their spots on the Olympic team and none of them received any special treatment. They were also all injury-free and still had realistic chances of contending for gold, except for Katarina Witt...and I think Katarina's reasons for reinstating had nothing to do with winning a third Olympic gold medal.