Pamela Samuelson wrote this article (pdf) outlining thoughts about copyright reform and a potential model copyright law.
A process for copyright reform is necessary, in my opinion, for no other reason than to raise the issues broadly and make societal decisions about the best approach. Perhaps I'm naive. One also hopes for an approach that is easy to comprehend for non-lawyers.
At any rate, Pamela's article is a great place to look to understand where we are and how we could move forward.
(thanks to various sites in the blogosphere for raising this paper to my attention.)