Thank you for that article, Curt. This is one of those aspects that had never really come to my attention, before... it seems so ludicrous, in a way. However, it shouldn't surprise.
My immediate response to this is that yes, the model of real property law may be much better, at least for the time being, while the implications of this are worked out. Secondly, on who should own your genetic information -- you. No one else, without your consent (and that should include having the paperwork and ramifications explained to you); should you be incapacitated, your closest family members, or someone whom you have designated as your representative should be in control of that. If you are dead, then it belongs to your family, and any leasing or use of should be cleared with them first, unless otherwise designated in your will. That would be my take on it.
Perhaps, once I've had a bit of time to really mull this one over, I'll have different feelings about some of it, or more extensive comments. At the moment, though, these are the thoughts that come to mind...
