My understanding is that the FAA really doesn't have any power in this regard. Refer to the Pirker case, where they got their *** handed to them. Ever since they've been acting like whiny little children whose parent won't buy them a candy bar at the grocery store, crowing about how they have the right to fine and ground people when they actually don't. There are plenty of people out there who are already making money with aerial photography using these drones.
I'd also argue that the FAA's restriction on commercial use while permitting the exact same operation for hobbyist use is a violation of the First Amendment. In this age, taking photos and video is a means of expressing one's self. It does not matter if this is done for business or pleasure - it is still a means of expression. I believe the courts have tended to agree with this interpretation of the First Amendment fairly consistently through the years. (Please correct me if I'm wrong here.)
Now, there are limits that the government may impose to freedom of expression - but they generally have to meet some threshold of compelling public interest (such as safety). The age-old example of yelling "Fire!" in a crowded movie theater comes to mind as a pertinent example. There is no such compelling public interest in strictly banning commercial use of drones. There approved use for hobbyists and active use in various government operations at home and abroad adequately demonstrates their safety and should (IMHO) be enough to allow those making First Amendment complaints against the FAA to win their case.
The FAA is an antiquated, outdated, and (mostly) irrelevant organization when it comes to UAV flight. They've had years to develop a framework with the RC industry based upon mutual respect and logic, yet they haven't. And now - only after they've been tasked with developing rules by Congress - do the lazy desk-jockey minions start to work on it. The organization and its ineffectual cries and whines about commercial use deserve to be ignored; instead most of us can work better and safer just by employing simple common sense rules, logic, and care for our equipment.