I much prefer the internet the way it is, as opposed to effectively enforced and comprehensively legislated. Anyway this is affecting the US, the home of the biggest champions of intellectual property rights. The rest of the world isn't going to follow suit anytime soon.
As it turns out streaming content is extremely difficult to shut down for copyright infringement, as it has to be done on a per case basis, and even the music industry doesn't have that many lawyers. You might think that such apparently blatant disregard for copyright is unfair, but I'm not so sure you are going to like the end result of tough legislation either.
Does anyone really consider the legality of every video clip they watch ?. Does the net belong to the users or to the copyright holders ?.
I dunno, I suppose I can live with stepping on a few toes as opposed to youtube being emptied of content tomorrow.