if anyone ever told ya life was fair, they were being less than candid.
Jeff,
Falling back on an argument such as "Well, that's the way it's done", is hardly grounds for making your point. Whether it was even more unfair years ago is an even worse argument. The road to hell is well trodden by people who have said, "I was only doing what other people were doing." That never makes it right.
As for money paid to the artist on signing the contract being an "advance on future earnings", that's true, but then if it's the artist's money (even if it is an advance) that paid for the recording, then the recording belongs to the artist, especially if they make enough money to cover the advance. If the record company wants to own the recording, then it should pay for it outright and not expect the artist to pay that money back. To say the record company often doesn't make the advance back, well that's what any business is all about. You take risks in hopes you'll get your money back. You can be making recordings or widgets; it's all the same thing.
You know as well as I that any new artist will never get a record company to give up there right to the masters. Established artists, maybe, but like you say, it is almost unheard of.
Rick