Regardless of what you think about the whole Shepard Fairey Obama poster kerfuffle, here is an article you want to read (via). I think these two law professors just managed to show parts of the art world how to really approach and think about “fair use” and copyright. Needless to say, as Sergio notes, there are some problems; but the idea of an “altlaw” is - frankly - something I would have imagined coming from some artist’s studio in New York and not from a couple of law professors.