Published on May 21, this is a 15 page report from the legal staff at the Congressional Research Service on the subject of fair use as it relates to the Internet.

It's a few weeks old at this point, but I haven't seen it mentioned widely elsewhere.

From the Summary:

The originating objective of copyright was to promote the progress of science and the useful arts. ... The fair use defense is integral to obtaining ... balance.

The advent and spread of Internet technologies pose new challenges to Congress and the courts in maintaining a balance ...

A bright line approach to fair use is difficult, if not impossible to formulate, as courts examine fair use on a case by case basis.

This report reviews the development of fair use on the Internet, and will be updated as circumstances warrant.

Fair Use on the Internet [PDF]