We should note that this is for the worst kind of pedant only: the wrong kind. It's also important to note that the most correct of all forms (though also more archaic) is octopodes.
I have a friend who says pluralising "octopus" as "octopi" shows ignorance of three languages - English, Latin, and Greek. "Octopus" is of Greek origin and the Greek plural is "octopodes". The Latin plural is "polyporum" (the singular being "polypus"). The English plural is "octopuses" as we add "s" or "es" when pluralising.
http://en.wikipedia.org/wiki/Octopus#Etymology_and_pluraliza...
Other sources through Google also confirm this.