Lawrence Lessig lays out a beautiful argument against EM spectrum regulation. If you don't know what that is or why you should care, I encourage you to listen to his presentation via the Google video linked below. Unlicensed spectrum made it possible for wireless access to the Internet to become ubiquitous. It is exactly that kind of innovation that will be made impossible through spectrum regulation.
http://www.lessig.org/blog/archives/003708.shtml