[digz]

For what it's worth, I have a pilot's license and also fly a quadcopter.

A big part of the issue is the separation of powers and who exactly has the right to regulate model aircraft. Congress explicitly and deliberately precluded the FAA from regulating model aircraft. A separate question is whether or not, given their proliferation, the new breed of model aircraft should be regulated. Given existing laws, that's a job for congress to decide.

As an aside: People wanting to do dumb things, will do dumb things. You don't need to create new sweeping regulation to punish people from doing dumb things either. Most cities and states have laws preventing people from deliberately invading others' privacy, or acting recklessly. Many of the concerns levied against drones are either already addressed or are impossible to regulate against. I'm often reminded of a news reporter on 9/11 that was asking the aviation expert on air with her how the planes were able to get into restricted airspace.