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Are you really saying that "between you and I" is vaguely acceptable? Does that mean that "They gave a gift to I" is also vaguely acceptable? However will we teach anyone the rules of grammar if we allow the inclusion of another person to permit "I" as an objective case pronoun?
The problem is that the stock expression "between you and I" is seemingly used primarily in speech, and many educated and sophisticated speakers use it without thinking through whether they are employing the nominative or objective case. When it comes to writing, however, their inner editor guides them toward the structurally correct "between you and me." In both instances "between you and me" is indeed preferred in usage guides, but then again there is always someone around who will inconveniently invoke Shakespeare.