Why do so many people worry about how the law (and courts) will view bitcoin? Bitcoin was designed to route around centralized, authoritarian interference. There is no "silver bullet" in the law that will ultimately save and protect bitcoin because:
1. the laws can always be 'adjusted' to accomplish the aims of the State;
2. bitcoin doesn't need saving -- laws and regulations written specifically for bitcoin would perversely enhance its legitimacy.
Its not about saving bitcoin, its about not being arrested by accepting it.
I agree with Jon. Do you people realize that nearly everyone who lives in a G-20 nation is already a criminal, and likely a felon too? There are so many laws on the books, that I'm sure all of us could find illegal things that we do on a regular basis. This overreach by the state has to be stopped somehow, and it's not going to happen through a legal or political process. Politicians, bureaucrats and the existing banking system have a vested interest in keeping us in chains. The best way to avoid getting arrested is to do business anonymously and/or with multiple small transactions. This is what Bitcoin was designed for. It may seem like a niche now, but once the centralized power structure starts to crumble, Bitcoin and other p2p currencies will come into their own.