What I find most interesting here is to watch how it all evolved. Calacanis makes a post to start a discussion. He gets it, but then more than one person has said they have their comments deleted. Robbotman posted his deleted very relevant comment here. I can only guess as to why it was delleted, perhaps it proved JC wrong to well?
Then Calacanis runs around all blogs that picked this up (Look at the trackbacks) to quote bits from the Wikipedia Fair use page as if this is in any way relevant to posting full (but small) images without permission on a blog.
Then he closes comments on his blog, so clearly he didn't really want a discussion that tells him straight out he has gotten it all wrong. I suppose he'd rather have cheers and kudos for ripping off photographers rights.

Listen carefully to your own words you don't try to impeed someone's ability to make a living - the photograph reproduction rights IS the photographers living. By not getting permission you are quite frankly, stealing. USofA Federal law agrees.

And no, you can't say it's the same as a search engine that indexes images, no matter how hard you try. Apples and Bananas my friend.