Rather than doing the homework I'm supposed to be doing, I allowed myself to be sidetracked buy the questions raised by that newsletter article. I managed to find the journal paper that inspired the newsletter piece.
Records of giant squid in the north-eastern Atlantic, and two records of male Architeuthis sp off the Iberian Peninsula
GUERRA A, GONZALEZ AE, DAWE EG, et al.
JOURNAL OF THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
84 (2): 427-431 APR 2004
That paper cites a letter to Nature regarding the oxygen binding capability of Architeuthis blood. The letter is by Ole Brix of Norway and it's from volume 303 published in June of 1983. The gist of it is that blood was taken from a giant squid that had been dead for two days and the oxygen binding properties of the blood were tested at different temperatures. Apparently, their blood doesn't work very well at higher temperatures. I think I'll need to take BioChem before I actually understand the entire letter though.
The cool thing about the article is that it says the squid was actually alive at the time of capture and that it was hooked in small bay that was about 15 feet deep!