With 1000's of objects in Controlled Airspace that have brought down commercial aircraft compared to the small number of drones in the air. Do you really think all the regulations are justified for a 2.2 lb Phantom Drone? I don't.
I live 3 miles from a small airport. I've lived here for 20 years. I've never seen a plane or helicopter fly under 400 feet over my house. I could fly a 20lb kite at 500 feet and and not call the airport for permission. If you can help me to see your point of view I would welcome it.
In that you used 500' tells me you know of Title 14, I, F Part 101. However, you may want to go back and re-read it:
eCFR — Code of Federal Regulations
§101.13 Operating limitations.
(a) Except as provided in paragraph (b) of this section, no person may operate a moored balloon or kite—
(1) Less than 500 feet from the base of any cloud;
(2) More than 500 feet above the surface of the earth;
(3) From an area where the ground visibility is less than three miles; or
(4) Within five miles of the boundary of any airport.
(b) Paragraph (a) of this section does not apply to the operation of a balloon or kite below the top of any structure and within 250 feet of it, if that shielded operation does not obscure any lighting on the structure.
Here is a better post from the FAA on this:
"14 CFR Part 101 states that...within 5 miles of the boundary of any airport "...No person may operate an unshielded moored balloon or kite more than 150 feet above the surface of the earth unless, at least 24 hours before beginning the operation, he gives the following information to the FAA ATC facility that is nearest to the place of intended operation: (a) the names and addresses of the owners and operators, (b) the size of the balloon or the size and weight of the kite, (c) the location of the operation, (d) the height above the surface of the earth at which the balloon or kite is to be operated, and (e) the date, time and duration of the operation." There are also additional lighting and marking requirements, if the balloon or kite would be operated above 150 feet above the surface of the earth.
Part 101 also states "(a) no person may operate any moored balloon, kite, unmanned rocket, or unmanned free balloon in a manner that creates a hazard to other persons or their property, and (b) no person operating any moored balloon, kite, unmanned rocket, or unmanned free balloon may allow an object to be dropped there from, if such action creates a hazard to other persons or their property."
This kite weights in right around 20lbs:
Due to it's physical size (but also it's weight), more strict regulations apply. Regardless, the 5 mile rule still applies to all kites (under or over 5lbs). Also, it's going to be much more visible than most model aircraft.
Because planes don't fly under 400' above your house does not mean that they don't fly below 400' and don't fly below 400' in other areas (many posts here about that very same thing). Also, there is no regulation limiting Phantom flights to under 400' for hobby use.
With that said, I don't disagree with the your view on this subject. I do think the FAA regs on UAV use are extremely limiting, confusing and that the FAA has done an extremely poor job over the past 3 years in giving out good and correct information.