I don't think it's bait and switch, I think it's just bad business practices on their part. The whole point of a steeply discounted sale item is to bring customers into the store, and hope they buy something else while they're there. If you let them reserve it online, and then buy it at the front of the store without walking through, you diminish your chances of tacking on to that sale.
Futureshop shouldn't take reservations on sale items. Make customers walk into the store and get it. It's in their own best interests as well!
FWIW, I'm a fan of the online reservation system. A couple of weeks ago I went to the Futureshop at Yonge/Dundas to buy a cheap pair of earbuds. The website said they were in stock, but when I got there they didn't have any. It was probably just an issue with the stock system, which happens to every company.
There was another Futureshop on my way home, but I didn't want to stop there on the basis of the online stock system, which had already failed me once. I used the online system to reserve a pair in store, ensuring that they were actually there, and picked them up on my way home. If I'd had to pay a fee (even a nominal one) to reserve a $20 pair of earbuds, I doubt I would have done it, just in case something came up and I couldn't stop on my way home, but this system worked well for me.
Still, I can definitely see how, in a case like this, the only person who clearly wins is the guy who reserved the laptop. Futureshop, and every other customer, probably loses.