http://www.faa.gov/about/initiatives/uas/media/model_aircraf...
UASes fall under the guise of "model aircraft" when operated as a hobby, but as soon as they're operated commercially, they're in their own, specifically defined class of aircraft, as clarified in 2007 (and linked in this comment's sibling).
That's why quadcopter video operators often employ humorous (and probably not legally workable) workarounds to sell footage into commercial projects - for example, flying "as a hobby" and then later selling "found footage" back to production companies, or renting some related-but-not-flying piece of hardware like memory cards to the production company at an exorbitant rate (which is really the cost of flying the drone).
EDIT: Oh, and 'baddox above reminded me that there's question as to whether any of the FAA's regulations about what is and isn't a model aircraft are enforceable, since they seemed to do an about-face about what counts as a model aircraft as soon as UAVs came onto the scene.
One court and most observers said no, the FAA can't suddenly decide some things are model aircraft and some aren't based on whether or not they're used commercially ( http://www.dronejournalismlab.org/post/78814729933/judge-rej... ), but the FAA appealed and based on my understanding their appeal means the ruling isn't in effect.
In the uk when doing commercial flying tests your meant to bring the aircraft you aim to fly along with you, what happens if you have loads of aircraft and are a seasoned hobbyist wanting to make money from your passion? You can get around it, do something for someone and just tell them to keep it hush and make a donation to you in some way.
I think these should be regulated, even though I own and fly several quadcopters and fixed wing planes regularly. Model aircraft have gone well in the US for the last 30ish years because people tend to self-regulate and the hobby hasn't been very big. Now that every Silicon Valley joker wants in on a perceived gold rush and DJI Phantoms work well and are available for a relatively low cost, hobby flying is moving into dangerous populated areas and the density of R/C craft is increasing.
I don't trust the FAA to correctly regulate these, and I see a very depressing day where I won't be able to fly as a hobbyist, but I also see an unregulated future where regulation-skirting companies (maybe they'll "crowdsource drone pilots" or something similarly "sharing economy"-esque) accidentally hit people with drones and basically say "so sorry, sucker!"
As for your latter point, that's basically what happens here, too. Lots of TV and commercials are filmed using drones, but the production company either sells the footage as "found footage" or rents out some non-drone piece of equipment (camera, memory card, etc.) from a drone owner at an exorbitant rate with the understanding that the rest covers the drone rental.
The FAA's roadmap here:
http://www.faa.gov/about/initiatives/uas/media/UAS_Roadmap_2...
indicates that they plan to implement these requirements for all drones which aren't sUAS with a line-of-sight requirement.
I believe these drones should be authorized for testing and commercial flight over unpopulated areas below 500ft and possibly above in certain airspace classes - basically, that the existing, frequently ignored hobbyist "recommendations" should be enforced as "rules" and applied commercially.
In theory, the FAA's funding is contingent upon having rules in place. In practice, I'm sure congress will grant them an extension when they end up late.
Class E Airspace, that which is between the surface and 2500 feet, is unregulated for the most part (except near a commercial airport, and other such caveats). I don't know the ceiling on the drones in question, or what altitudes they intended to operate within, but if within Class E, this definitely falls under the scope of a 'new' regulation.