It is said that the law lags about 20 years behind the technology - the application of copyright law concepts to modern technology is woefully incomplete, not to mention the philosophical questions surrounding the prudence of regulating digital mediums.
Prime examples of this is the derivative works protection and the deminimus exceptions. The traditional purpose of IP laws is to promote creation, either creative or useful works (copyright v patent). Does the ease of creating an unregulated derivative work foster more creation or does protecting the underlying artist do more to promote artists. As for deminimus, the whole purpose of this concept falls away when faced with streaming bit torrent services. As a consumer, I want this service to remain free, but this is obviously a huge loophole from the purpose of the Act.
Yes I think copyright needs to be completely done away with myself which is why I never go after anyone else for "stealing" what I create!
That's a fair position - I think there is value in awarding people for their art but where this gets really bastardized is when corps start acquiring ownership of these monopolies effectively forever. See Mickey Mouse or comic book characters from the 30's and 40's.
The initial copyright laws extended protection for 14 years, think about that for a second - nothing made before 2003 would be proprietary!