That is like claiming you can re-publish someone else's book if you translate it to Spanish or just replace all of the words with synonyms: you are creating a derivative work and are still using the original.
Would that really be the same as translating someone’s book? I’d argue that if I can’t do this then I can’t link at all (without paying a license) and that breaks the web. Which I realise is the argument against the legislstion, but I don’t think is the intent, albeit that the intent is shortsighted.
