As most already know, the Copyright released its Orphan Work Report on January 31, 2006. And as many have reported, they have recommended an amendment to the copyright statute that would limit damages in infringement cases using oprhan works, as long as there had been a "good faith and reasonably diligent search."
I have just finished reading this report (to prepare it to teach in my LL.M. course), and I am struck mainly by the fact that the Copyright Office has taken a very hands-off approach, encouraging industries to determine what is "good faith" and a "reasonably diligent search."
I also am not sure how this new system will bring much certainty to the already murky world of orphan works, except that it does limit liability. It will be interesting to see what develops out of all of this, and how people respond.