Simply repealing the DMCA is not the solution: without the DCMA safe harbors (which are only available if you follow the take-down process), web sites may be directly responsible for copyright infringement of contributors. So instead of Viacom posting a take-down to YouTube, they could directly sue YouTube for statutory damages.
It would be better to have some good case law on perjury in takedown notices, though even this caselaw it will still be expensive to enforce the perjury provisions.
