My simple stance is this: The more efficient communication is, the faster nonsense can be worked out, and the faster things that work can develop. Anything that makes communication less efficient, that isn't absolutely necessary, is a problem.
At the very least, restrictions need to be much more elegant than what PIPA/SOPA seem to be. Daemonik mentioned Youtube has tools to help copyright owners. Here's one of them that's a good example of something that uses innovation to solve a piracy problem, rather than brute force:
Margaret Gould Stewart: How YouTube thinks about copyright | Video on TED.com