Doc Searls, in the process of explaining how the non-compliance of low power FM transmitters (for the iPod, etc), gets to why I don't trust governmental regulation:

One is the fact that Congress and the FCC have done more to make "free over-the-air radio broadcast services" unattractive than a million little FM transmitters ever could. Between relaxed ownership rules and increased "indecency" fines by the FCC, the AM and FM bands have become boring beyond endurance. I have my problems with satellite radio too (for all their diversity, all the channels on both services are owned by one company apiece, and the two silo'd systems are entirely incompatible); but my Sirius radio provides infinitely more usefulness than I can even imagine getting from "free" radio today. All that's left for me on "free" radio are our local AM news station and NPR/PRI programs, most of which I get now via Sirius or podcasting.

Once the Feds define the net as a "public utility", it will go the way of TV and radio - with bozo rules like the ones Doc rightly condemns here.