There’s a great piece by Cory Doctorow here. In a nutshell: decide what copyright is for, and then make sure it does what it’s supposed to.
I’m a big fan of Bill Patry, copyright scholar, and one of the senior lawyers at Google. He essentially makes the same point in his great book: Moral Panics and The Copyright Wars.
I reviewed it here.
Incidentally, Doctorow believes that copyright’s job is: “to encourage the widest participation in culture that we can manage - that is, it should be a system that encourages the most diverse set of creators, creating the most diverse set of works, to reach the most diverse audiences as is practical”.
I can’t disagree with that.