Well, first off, I thought it would be fun to ask..
Second, the rest of the pattern was part of what precipitated the (minor) concern I did have. The guy was on the 45 converging and appeared to see the Cub very late and alter course to parallel and extend the downwind. Then he does this. I don't think it was horrible decision making, but it raises some issues I think aren't well understood especially by guys like the 152 guy.
I have mixed feelings about the thing. On the one hand, I would absolutely have wanted my students to give the Cub a bit more space, on the other hand, I've personally landed on the same runway as two other planes, as part of a formation flight. Of course the difference there is that it was planned. If you had seen some of the previous landings (this one was by the instructor it turns out) I would have had concerns that the student might groundloop the Cub in front of the 152. That is a particularly sensitive issue with one of my friends, who had an L-bird ground loop in front of him at an airshow, with fatal results. In this case, the instructor was doing a deliberate and extended crosswind demonstration to the student, and personally I think he was doing a good job. He's an excellent pilot and I respect him a lot.
On the positive side, I think in some ways, a go-around could have been equally hazardous, because the 152 pilot wouldn't know if the Cub was going to just land long and taxi back, or take off again (touch and go) and the Cub wouldn't know he was close behind him. The Cub did go to a full stop, but every previous landing had been a touch and go.
Several of you have mentioned that the 152 guy had lots of room. That's fair, and this guy DID get it stopped quickly, and did a great job, but what if you had a brake failure, or something else happen... I've had a completely unexpected single brake failure in a 210 that ate up a lot more runway than I thought since I didn't want to pull hard to the side.
I did talk briefly to the 152 pilot about the issues with NORDO traffic, because it's a real sticky point lately, but I don't think he made a necessarily bad call to go ahead and land. Everything was polite, and no harsh words were exchanged.
I reply to a couple of other points: The other instructor did not have a radio available, and does not typically use one. This is one reason whey I dislike the ATITPA guys attitude so much... just because you don't hear 'em, doesn't mean they aren't there. I've also personally had a handheld go out in the pattern because of having to use it so much, and that leaves me NORDO as well (I have three batteries, but if we have a long day, that can even become a challenge).
Ryan