I'm curious about your comment about intellectual "property" being a red herring. I certainly don't mean to mean to defend the current regime, but I'd be really interested to learn more about your ideas.
From a historical perspective, why is the notion of intellectual property any less legitimate than the notion of real property? In both cases, we are granting to a private concern the exclusive right to exploit something that used to be in the commons. Land "ownership" seems obvious now, but once, it seemed absurd to many people that anyone could own the space on Earth that we all occupy.
In the case of both real and intellectual "property", there is a resource from which limited value can be extracted. There are a limited number of cows that can graze in a given number of acres, there is a limited amount of money that can be made by selling a particular molecule as a drug, and there is a limited number of tickets that can be sold during opening weekend of a film.
In both real and intellectual property, there are multiple possible uses of the resource, and they can conflict. If I chop down the forest and plant wheat, you can't hunt there. If you make Mickey Mouse porn and promote it in infomercials, it changes who Mickey Mouse is in our culture. (Maybe we think it's in the public interest to allow that to happen, but it could definitely conflict with what Walt Disney wants to have happen, and prevent them from starting creative projects that they otherwise would have started.)
So it seems to me that opposition to intellectual property can't come from "legitimacy," unless we also consider ownership of real estate to be illegitimate. That would be a sad state of affairs, because I think the human race would be worse off without the idea of land deeds.
Edit: RF spectrum is another example, I suppose -- there's a limited amount of value to extract (only so many channels), and there are conflicting uses that create different kinds of value (which applications to run on which frequencies with which propagation characteristics.) And the policy tradeoffs in spectrum "property" seem to be different again from those in real or intellectual property. For one thing, there's the rapid advance of technology, and the possibility of spread spectrum.