Something is needed. I think the court's language--that the proprietor is the bailee for the true owner--leaves the door open as to whether the finder of "mislaid" property is entitled to any possessory rights. That would mean that the item would have to be turned over to the proprietor, and if true owner never shows up, the proprietor then becomes the "finder" for purposes of the statutes and proceed accordingly. That would also mean that the crook and Gawker don't have a leg to stand on.
Further, I seriously hope that the common law distinction, as enunciated by the court, still applies. In any event, with all the publicity this case is getting, it would be an excellent time to educate the public as to what the rights and responsibilities of finders of mislaid property actually are. And I hope this case makes it to the appellate level.
Is it really necessary to resurrect the distinctions among classes of non-abandoned found property to achieve the public policy goals you've identified? After all, the owner of either lost or mislaid property is equally desirous of and entitled to it. Similarly, the duty to restore both classes is equally incumbent upon all others. If all we want to do is to maximize the likelihood that the owner will be reunited with his property, can't we simply require all parties to take reasonable and just actions to that end, and then specify the actions that are mandatory to meet the standard when the personalty is found on the realty or conveyance of another?
After all, some of the old Common Law cases on lost, mislaid, and hidden valuables read like Jarndyce v. Jarndyce, and inferring the circumstances by which property became separated from its owner by considering the circumstances of its finding is not always easy, and for all practical purposes it is a distinction without a difference. So where the Common Law of England might dispense with the need to involve the landowner/proprietor if the property is deemed "lost", what harm is there in involving the proprietor in any event? And if property appears to be mislaid, what harm is there in allowing the finder to take it to the police station himself, or otherwise seek the owner, so long as he identifies himself to the proprietor and provides his contact information? After all, there is no particular reason to suppose that any random proprietor is going to be more conscientious or honest than any random patron; it's better for the owner if both are required and enabled to help him retrieve his property.
From a public policy standpoint I have a preference to awarding unclaimed property to the finder over the proprietor, but awarding an undivided half interest to each of them doesn't offend me either, and provides incentive to both of them to follow the Civil Code process.
In any case, I couldn't agree with you more that judging by some of the comments posted here and elsewhere public education on this topic is sorely needed. If for no other reason, the authorities having jurisdiction over this matter ought to thoroughly investigate the facts, and if the facts support a conviction, then regardless of the otherwise perceived seriousness of the case, they should prosecute as a means to educate the public to their social and legal obligations.