I don't want to get into the issue of whether copyrights and patents are good or bad right now, because it doesn't matter. This is nonsense. Another reason the FSF doesn't like this term is because there are some types of intellectual property that they don't have any problems with, such as patents for mechanical inventions and trademarks. They want you to be opposed to software patents and copyrights, not intellectual property per se. If you were against intellectual property then you would be against something that they agree with.
Intellectual property is the legal definition for the ownership of information.
If you do not believe that people should own information, then you must be against all forms of intellectual property. On the other hand, if you believe that some forms of information can be rightfully owned, then consistancy demands that you support all forms of intellectual property, even though you might see a need for reform in certain areas of I.P. law. But by that time the FSF had grown comfortable with people mistaking Free Software for software that would liberate them from unjust domination. They seemed to desire that coterie of sycophants who hung on their every pronouncement. But the freedoms and principles that the FSF wants emphasized are misdefined.