I'd love to see a press release like that. It would mean no more fears of suited busybodies getting in a snit because somebody printed the words "carrion crawler" in a game product. It would free everyone from having to wonder what is or isn't legal (or what can or can't be gotten away with).
RPG companies would probably cease to exist, for the most part. I'm fine with that.
Dabblers would cease playing RPGs. I'm fine with that.
Serious RPG enthusiasts could dig-out their old dungeons, publish them through Lulu, and charge cost plus $1 per copy. Nobody would get rich off this, but it would be fun, relatively easy, and could get you some extra pocket cash. Plus nobody would have to worry about WotC getting snitty because your old dungeon that you published through Lulu had a mind flayer in it.
I'd MUCH MUCH MUCH rather see honest-to-goodness home-made gamer products with low production values than the glossy, high-production junk cluttering the game store shelves.
I would love to see RPGs become a HOBBY rather than a BUSINESS.