There needs to be regulation, I agree. The problem is that what the FAA is doing currently makes no sense whatsoever.
Lemme just address some of points and concerns you've brought up...
If I'm not mistaken, full-size aircraft (For lack of a better term) are supposed to maintain an altitude higher than 1000' AGL unless on takeoff or approach. And RC craft can't fly higher than 400' AGL or within, I think it's 3 miles, of an airport or its approach corridor. (And general rule of thumb is if you can SEE any air traffic, don't put your model in the air.)
The FCC doesn't really enter into it; as long as you're using your equipment in the manner intended and it's functioning properly, you should be in full compliance. I mean, these things are designed to operate in a specific range of the spectrum dictated by the various regulating bodies to avoid just that kind of overlap in the first place.
The drones we're talking about are electric and about the only 'pollution' they're liable to produce is what'll happen to the battery after some redneck wings the thing with a load of birdshot. As for noise, depending on size, it tends to range from a low droning (Appropriately enough) to a higher-pitched buzzing... If it's a small quadcopter or the like and it's got a cowling around the props, that thing can be damn-near silent because a lot of what you hear is the clashing propwash.
As for intent of use... Well, you could say the same thing about a gun. Or a screwdriver. We hold people responsible for what they do with things, we don't hold things responsible for what people might do with them. If someone does something illegal with an otherwise legal object, it means the person is in violation of the law, it doesn't mean the object needs to be regulated more strictly.
Now, here's the big problems with the FAA regulations as they stand. For starters; There's no real definition for what a drone is. There's no provision for licensing this class of craft (These 'hobby drones'), or RC craft in general. And lastly, the big one... Because they left this big gaping hole in the regs, the second you accept money-- or really any kind of remuneration --for something you do with your RC craft, it's not longer a toy, and instead it falls into the same class as any commercial or military UAV.
At that point, you're basically fucked because it's not actually possible to get 'legal'. It's not! I mean, for starters, you can't even get the craft legally licensed as a UAV if you wanted to, because unless you're accepting money to do a job with it, so they can bust your balls for operating an unlicensed UAV, they class it as a fucking toy!
Head hurt? Blood starting to trickle from your ears and nose? That means you're paying attention.
I have a quadcopter with a wingspan of about 8 inches. I have fitted it with a camera that shoots 720p video to a microSD card, as well as outputting 480p to a transmitter so I can get a first-person view. Fully loaded, I'd be flat-out astonished if it weighed a pound...even with all the velcro. Yet, if someone slipped me a tenner to do a 360 fly-around of their house for a real estate listing, the FAA would consider it as being a craft in the same class as a Predator-B or a Global Hawk.
Regulation is good, but what we have right now isn't regulation... It's fucking madness. There's a gaping hole in the FAA regulations and it's being filled with rampant idiocy.
Anyway, ranting aside... The obvious solution is simple: Either create a definition for these 'hobby drones' or 'micro drones' in the regulations so people can 'get legal'. (But that takes effort.) or simply stick with the current quasi-official guidelines (Under 5 pounds, fly under 400' AGL, etc.) class those craft as 'radio-controlled toys', and abolish the restriction on commercial use of them.
The current 'hobby drone' guidelines give them enough cover with the weight restriction that they don't have to worry about some assholes trying to pass off something that just rolled out of a hangar at Raytheon as a 'toy craft' for unlicensed commercial use, and other shenanigans.