That isn't horrifying at all; one person loses (you), but the consumer wins big time. On a utilitarian basis, this is great.
What would be more horrifying is a dearth of innovation for fear of other people copying it. Is that realistic? Is first-mover advantage enough? What about prize funds (e.g. Netflix prize, X prize, etc.)? Would the inefficiency costs of those mechanisms be larger than the coordination, government regulation, litigation etc. costs that patents cause?
Are there any kinds of innovation that definitely would not happen under alternate schemes, that we absolutely need patents for?
What would be more horrifying is a dearth of innovation for fear of other people copying it. Is that realistic? Is first-mover advantage enough? What about prize funds (e.g. Netflix prize, X prize, etc.)? Would the inefficiency costs of those mechanisms be larger than the coordination, government regulation, litigation etc. costs that patents cause?
Are there any kinds of innovation that definitely would not happen under alternate schemes, that we absolutely need patents for?