While I don't see any problem with hemp on the whole (I am opposed to anti-drug laws in the first place, much less idiotic consequences of them), the biggest problem with the "hemp movement" in the US is the people behind it. If I thought for a second that the stoners who are the big pro-hempers (coughwoodyharrelsoncough) cared the least about actual hemp products instead of just using it as an in to get pot legalized, I might even care. However, as it is, the "hemp" movement is as transparent as the ID movement in terms of its actual agenda.
To paraphrase, you couldn't get the hemp movement any closer to pot if you spotted them the p and the t.