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QuantumIguana, Tubemonkey's position is logical and simple. Someone created something, so they are free to do with it as they please. Society didn't create it and all the creator owes society is to pay his taxes on the income derived from his creation and respect other laws.
You may not agree with his position, you can argue that society may be worse off if Tubemonkey's idea of eternal copyright would be introduced, but it certainly is logical. Now just the fact that there are some loose ends as mentioned (what happens if you cannot locate the owner or his/her heirs) simply means that Tubemonkey has not considered every simple detail (yet).
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