High frequency automated program trading is part of capitalism, quite interesting and useful forces to provide patient value investors with occasional inefficiency opportunities since these automated trading systems do not care about the intrinsic value of the companies behind the securities.
In my view, the more program traders out there, the better it is for value investor. At the end of the day, these automated systems are hard to manage, not tax-efficient and despite their advanced algorithm, they are actually dumb systems that are expensive to build and manage that know nothing about intangible value of great management and brands.
The high frequency operators can certainly accumulate pennies many times over; however, they almost always blow up big time eventually sooner or later just like John W. Meriwether's LTCM and JWM Partners (both blew up....two timers for the same guy.) I'd rather stick to buying 50 cents on a dollar and repeat this tried and true principle many times.