Nope. It was perfect regarding personal use (which is separate, BTW, from the Fair Use doctrine, which is covered in Section 107 of Title 17. Regarding “sharing” the music with others, it depends on your definition." If you invite a friend over for a listen to your copied CD and a Philly Blunt, you’re ok from a Title 17 perspective, because it’s a non-commercial use even though another person is present during that use. If you sell the copy to your friend, you’ve done a bad thing.
Regarding public exhibition, the law is more complicated (but just as clear). If you operate a business such as a bar where music is played (no cover, but you pop CD’s into the player for atmosphere), you have a right to broadcast the music, but you must pay a compulsory license fee to the copyright owner. You can see how this would quickly become cumbersome, so more often you pay a general licensing fee covering anyrecorded music to ASCAP, who than divvies the money up according to its own formula. Just to make things more complicated there is a separate provision of the law to deal with jukeboxes (really).
For torq’s practicality reason, chasing down bars for the fee (IIRC a few hundred bucks/year) is more likely to occur in places where ASCAP has members and employees (NY, L.A., etc.) than in most of the country. But that’s the law.
If you want to take a look at the copyright laws, Cornell’s law school has the entire USC on the web in an easy-to-access format.
Livin’ on Tums, Vitamin E and Rogaine