According to the 2003 IRCode, Section E3504.4 (and NEC section 230.27), it says "Multiconductor cables used for service drops shall be attached to buildings or other structures by fittings approved for the purpose" In my book, I would not call the soffit vents an approved fitting. In any case I agree with many above in that regardless of code, common sense says it is a dangerous situation leading to a high risk of potential injury, fire or both and needs to be addressed. Many electricians and/or utility company types, don't think much along the lines of potential injury/damage. That's our #1 concern. Good catch. Jim