I feel that what makes spec work OK for me sometimes isn’t so much about the specific terms and pay and design requirements involved. It’s about why you are doing it. Is it for a friend? Is it for charity? Is it an exciting, fun project? Do you get enjoyment out of working on it? Do you need to find a creative release?

~Jake Nickell, Some spec work thoughts

I agree. There are definitely some projects in that grey, “is it spec work?” area where it really comes down to a personal gut check: why am I doing this project?