I remember it clearly. This was around the Skills & Powers era... the group was getting leerier and leerier of T$R products in any case, having decided several of the later 1e hardbacks were a complete waste of money, but we used to pick and choose bits of 2e to bolt onto what was still essentially a 1e game.
Anyway, one of my friends picked up S&P and we all sat around and read it. The nine of us voted unanimously that we weren't going to play that rubbish. My friend returned the S&P book to the shop, and we simply stopped buying D&D products.
For a long time--four or five years, at least--the group played alternately BRP CoC, WHFRP, Rolemaster II, and Runequest II (that later morphed into a RQ2/3 hybrid).
Then we were starting to get the D&D bug again, so the same guy bought a 3e PHB. We passed it round at the start of the next session. There was no vote about whether to play it--my wife read various sections of the rules aloud, and we all fell about laughing.
So we returned the 3e PHB to the shop, and picked up our 1e D&D games pretty much where we'd left off.
I think if we were considering trying to attract new players, there might have been an issue, but my gaming group's been in almost its present form since 1984. (Two additions--the lady who's now my wife joined the group in 1987, and my son started playing with us in 2003.)