Of course, this amounts to a robbery of the public domain, because if countries like Australia (who are currently negotiating with the US on a trade agreement) agree to "harmonize" their copyright laws at whatever the existing standard is (which is currently life of the creator + 70 years), not only will the US be able to lord their creative and scientific works over the Australians for longer, Australians will also have free access to their own culture and inventions taken from them as well.
I wonder whether the people of Australia will have much of a chance at a public discussion about what they will be giving up before its too late. Something tells me though that the US won't have to change their laws to accomodate the Australians, however.
All I can say is that if US copyright law was so damn good, you'd think there wouldn't be millions of Americans who are pissed off and doing their best to get our bought-and-paid-for politicians to change it. Do us all a favor... don't drink the Kool-Aid!