The 'Orphan Works' Bill - restructuring of copyright laws

http://www.youtube.com/watch?v=CqBZd0cP5Yc

The Bill in question (from last year):

http://capwiz.com/illustratorspartnership/issues/bills/?billid=11320236

What are your thoughts on this? Is what the opponent of this bill says on point, or do you think that the theoretical lesser degree of government control on copyrights is better?