There were two of those called yesterday, one on the Ravens and one on the Saints. Both were pretty bullshit (and I'm a colts fan). The commentator yesterday put it best, when his partner mentioned how he got on Peyton's facemask, "well then call a facemasking penalty!"
I don't know if I agree on PI, since if that penalty didn't exist it would be impossible to complete a pass. Just wrap a guy up as soon as the ball is in the air. Now of course it is called very subjectively, so it will be up to a lot of scrutiny, and it would be the easiest way for the league to 'protect' a team or encourage a certain result if they so desired.
My problem with pass interference is that it can swing a game so much and is often very controversial. As a Patriots fan, the pass interference against Austin Collie going over the middle in the Pats / Colts game was a perfect example. The ball was thrown too far to be caught, Collie went up for it and collided mid-air with his defender (Bodden, I think). They both fall down and Bodden gets the interference call despite the fact that ball was overthrown and despite the fact that Bodden has just as much right to go after the ball as Collie. Hell, the PI call that gave the Broncos a first and goal in '05 or '06 against the Pats STILL bothers me. The ball was thrown out of the back of the end zone and Ashley Lele and his defender were locked up the whole way. Pushing and shoving on both sides.
Now, I'm not going to cry sour grapes too much because I know these calls go both ways, but that doesn't make it acceptable. I hate seeing my team get a call I know they shouldn't get. Case in point - '07 Ravens game with the four attempts for the 4th and 1 try. Or those roughing the passer penalties that twice extended crucial drives for the Pats during at least two games this season. Shit, even the "tuck rule" or whatever. Sure sounded like bullshit to me.
Pass interference should be put away for the pushing and shoving that goes on as the receiver / defender go down the field. Throw an illegal contact flag. PI should really only come out when the receiver gets absolutely mauled before the ball gets there. IMO, they should also remove this ridiculous "you have to be facing the ball to make a play on it or it's PI" rule. It's called so unevenly that it isn't fair.
The NFL would be a much better game with simplified rules. Sure, some of those rules would hurt big time offensive teams, but they would result in better calls, fewer reviews, and a better fan experience. Too many games today are decided (or heavily influenced) by the refs.
A great example of balance, IMO, is in hockey. The NHL has officiating issues just like all sports, but one thing they do right is overtime. In overtime you have to practically commit a felony to get a penalty. Everybody knows this and, of course, the games get much more physical. In return, however, overtime is almost always decided by the players, not the refs.
These days I even take issue with instant replay. It's great some of the time, but now that we have the ability to go back and critique each catch frame-by-frame it's gotten out of hand. It's nice that replay can bail a team out of a bad call, but replay gets used entirely too much.