Would you say the current balance is correct?
I don't think I'd go as far as the op, but the current arrangement is causing me to lose respect for the whole setup.
IP should be there to enable people to make more stuff and no more. It seems that we should be testing how minimalistic we can make it, not how maximalistic, as is currently the case.
The blurred lines case isnt going to result in more music being made, it's going to result in less, Marvin Gaye isnt going to make another album, because he's dead.
I would guess for low overhead type things a 5 year copyright term wouldn't result in less music being produced, and it shouldn't be down to me to prove that, it should be down to whoever wants longer copyright terms to prove that that will result in more content being created.