There's an effort underway within ICANN where the net result could be that publicly-available domain ownership info is no longer available under any circumstances. Does that strike you as the best way to go? I personally don't think it is. WHOIS is a valuable forensic tool for security researchers and spam filterers.
Does a business have a right to privacy on the internet? I say no. If you're a company in the real world, your company registration is public knowledge. If you're a company on the internet, shouldn't that registration information be at least as available?
If WHOIS matters to you, please consider joining the "Next-Generation gTLD Registration Directory Services to Replace Whois" ICANN group and sharing your opinion, voting in the surveys they publish, and responding to the questions people may ask about why WHOIS matters.