See Ryan Davis, "Copyright Termination For '70s Hits Won't Spark Lawsuit Fever" (Law360, New York; Nov. 26, 2012). (Link to article; registration required).
Article summary (first paragraph): "Musicians who recorded hit songs in the late 1970s will gain the right to
reclaim ownership of their work starting in January under a 1978 copyright law
provision, and while record labels are expected to fight to retain control of
lucrative music, 2013 is unlikely to bring a flood of litigation, attorneys said."
The article concerns the reclamation of rights by authors that were licensed or transferred after 1978, pursuant to section 203 of the Copyright Act. Generally, termination rights may be effected after 35 years from the grant. Id. Thirty-five years from 1978 is...2013!
Lawyers interviewed for the article predicted that there will be few actually litigated cases, and instead termination notices will serve as a jumping-off point for contract re-negotiations between artists and record labels.