Ars Technica has a nice piece talking to Steven Page, singer and guitarist for the band Barenaked Ladies, on the topic of compulsory licensing. I think a pair of quotes sums it up nicely:
Page: [compulsory licensing] would allow consumers access to all the music they want and would ensure that artists get paid.
US Register of Copyrights, Marybeth Peters: this [is] a bad idea.

Yes, Ms Peters, we knew the Copyright Office has no interest in consumers getting music nor in artists getting paid, but you needn't have put it so bluntly.