It's completely untested in court and a lot of legal scholars doubt the reasoning and interpretations given by the FSF (namely that dynamically linking with a GPLed work transfers the same GPL license to that work) would be allowed by current copyright law.
More or less amounts to the question of "do you need to use parts of the original work to make a derivative work".
Another, possibly far bigger problem, is that it's entirely possible to effectively neuter the GPL with a secondary contract. We know this is legally possible because of what Red Hat does (cut you off as a customer if you redistribute the source code of RHEL) as well as a far more direct legal case in Germany where a WordPress theme maker was able to prevent distribution of a theme they made by arguing that the contract made when the theme was sold overrode the terms of the GPL and prevented the buyer from sharing the theme because of agreed to terms in the contract.