You think you're mostly right. The one thing that bothers me is that you seem to be suggesting that because the current system is bad for most authors we should replace it a system that's bad for ALL authors (i.e. instead of introducing sensible limits or restricting the ability of corporate entities to hold copyright, or allowing authors to renegotiate their contracts based on the actual revenue earned you're basically suggesting removing it all together (the 20 year limit is simply infeasible due to the arguments from my previous comment)).