I don't understand what all this fuss is about. Trademark law is notoriously hairy and requires a high degree of micromanagement -- and trademark licenses similar to SL's are commonplace (for example, Apple's "Mac/Universal" logo agreement is basically the same; not to speak of the whole Firefox/Iceweasel debacle).

In what way does it restrict anyone? Things that were fair use are still allowed and there are a number of things you can do that under trademark law you couldn't before.

OK, LL's law/rules enforcement is a little shaky at times (see casinos/stock exchanges etc), but I fail to see why they are wrong in this case.