Companies - especially media companies - need to learn a lesson from places like iTunes that innovation is superior to these ever-failing attempts to turn off the content spigot. For instance I like to fanedit as a hobby - if I see a movie that I think has a good core but has a character or a bunch of unnecessary side plots that ruin the experience, I'll trim it up in a video editor and save a new copy for my own library.
It's not for everyone but I could see that sort of concept being a huge boon for the film/tv industry with the prevalence of streaming. All they need is extra disk space on the servers and they could provide a dropdown on Netflix that allowed you to choose your "cut" of the movie. So maybe some new triple-A movie sucked in the theatrical release, but instead of the "Director's cut" you heard that the "Unfair cut" was the best way to watch it, so you pick that edition on Netflix and watch a 90 minute cut of a 120 minute movie that's a vastly better experience.
Bam, innovation just solved Hollywood's problem, giving new life and interest to certain titles that may not have grabbed audiences in the original format, but some innovative editor found a way to make it better. They could even turn it into a little cottage industry like indie game development or youtube with a small rev-share if your edition of a particular film is the popular one to watch. This would drive popular personalities to make their own editions of media too and get their audiences to watch it.
I'm sure there are a hundred ideas like that which could be a boon to the industry, but instead they're still just focusing on trying to create a better wall for their garden, it's a tired and sad approach that didn't work the first dozen times they tried it, whereas Steve Jobs made them a bucket of money by charging *less* for songs and commoditizing them. That should be a lesson - focus on accessibility and customization, and profit.