I don't have too much confidence in calibration. The legislative/regulative systems we have are not great at that. Legislation is principles and inflexible. Flexibility requires a more uprincipled, goal oriented approach. Also, goals (mine, anyway) like openness, cosmopolitanism, low barriers to entry and even playing fields... These are hard to measure.

In almost all cases, industry regulation (what this is, more or less) tend to be incumbent friendly. Ie, we could be moderating FB slightly in exchange for killing its future competition.