> The next legislative effort will likely center around what is known as the SHIELD Act, which has been introduced by Rep. Peter DeFazio (D-Oregon) and Representative Jason Chaffetz (R-Utah). This bill would require plaintiffs to pay defendants’ legal costs if the suit is unsuccessful. -- http://www.rackspace.com/blog/patent-trolls-make-them-pay/
While this is a less drastic strategy, I think it's a more realistic one. It would have an immediate, deterrent effect on all trolls--big and small--because there would be direct, legal repercussion for their actions. This way, you don't need new infrastructure and new funding to support a watchdog group, and nobody can "slip through the cracks"--trolls paying for all the costs of a failed suit is just part of the system they are using to file the suits. This may not prevent the "big players" from throwing their weight around with patent litigation, but it would certainly help the current situation quite a bit, imo.
Here's the relevant text of the bill:
> [I]n an action disputing the validity or alleging the infringement of a computer hardware or software patent, upon making a determination that the party alleging the infringement of the patent did not have a reasonable likelihood of succeeding, the court may award the recovery of full costs to the prevailing party, including reasonable attorney's fees [...] -- http://www.gpo.gov/fdsys/pkg/BILLS-112hr6245ih/pdf/BILLS-112...
[EDIT: Link to bill wasn't including the trailing colon ':', linked to PDF]