A small correction: This is not about the OED (the Oxford English Dictionary, a huge work used by academics, and these days accessed mostly through university or other collective subscriptions to the online database), but about the ODE, the Oxford Dictionary of English. The latter is a dictionary you can actually carry around with you in a version that's readable without a magnifying lens. While the OED is supposed to collect everything, however rare, obsolete or new, the decision on what to include in the ODE, a reference work for the general public, is a much thornier one. This has been misquoted widely in the blogosphere ... some fact-checking is called for!