I would like to see new legislation when they finally do the next laws that holds companies that profit from user generated content to higher standards. That way, the little guys, let's say businesses earning less than 100k a year from their websites have a lesser burden on copyright, and the problems with user generated content.
Then for companies that earn big dollars, require more in terms of ensuring posts aren't libelous, or otherwise illegal by existing laws. Of course the threshold can be anywhere.
That way, the open collaborative spirit NOT driven by big dollars gets maintained, while those making huge profits finally have to be accountable -- so Facebook, Pinterest, Google, etc would be required to invest in ensuring illegal actions are prevented.
I think its silly to think that open collaborative spirit and google can be in the same sentence!