Oh, wait...
Joking aside, I think that IP is and should remain a messy compromise. There are no easy answers. Were it to cease to exist completely, it would reduce the incentives for producers, and thus consumers would be worse off too because they would have less software, books, movies and music to enjoy. I don't have all the answers in terms of details, but copyright terms right now are too long. Patents should vary by sector, taking into account the real world. Biotech patents applied to medicines are useful because those medicines are easy to copy, more often than not, but take years of research to come up with. Software patents just seem like bunk to me. Other things are probably in the middle somewhere. And all of this should be reviewed every 10 years or so to see how the facts on the ground are changing.
As for enforcement... that's tricky. With no enforcement at all, it's sort of silly to even pretend that producers have any rights. Too draconian is obviously bad as well.
Anyone have any thoughts on the details, wherein lies the devil?
Also, speaking of smells and property, Googling for "perfume intellectual property" turns up some interesting stuff, like this:
http://www.patentbaristas.com/archives/2010/01/19/smelly-rig...