A couple of days ago I saw this post from a different Derrick, er Derek. Stowe made a post about it here. Susan Mernit did here. Debi Jones here.
I don't recall where I first heard the term but I think it was sometime around 2001 or so. While I agree it may not be the most elegant term it seems very descriptive to me. In this post back in January I explained my use of the word as descriptive of an area of business interest/platform approach to me and as a bit of a joke on myself.
I don't have much to add beyond that post other than to say that the other word I was using when I was describing MP3.com, and our Low Def TV project and now Rabble, was Edge of the Network Media in addition to user generated content.
I think this term actually captures the concept that there is a decentralization of media production that is benefiting from cheap technology tools that allows people to create and consume media that isn't traditionally coming from the center of the media network ala Los Angeles, New York, Washington DC (depending on your flavor of media).
So if you want to kill the phrase User Generated Content, feel free to use Edge of the Network Media or whatever other phrase you desire. To Debi's point, this user plans on continuing to generate my content at this blog for the foreseeable future.