Normatively, I tend to agree with Kirby and Emon and other libertarians that there is no need for the FCC and the free market solves for "problems" with speech and allows for progress etc. Unlike Kirby, I don't think that the free speech = progress argument is axiomatic and I don't blame other people for not understanding it, but it makes sense to me.
Constitutionally, I can understand the existence of the FCC. Look at the first amendment:
Notice that the First Amendment only says "Congress" and not the "Executive" or "Public Schools." The reason the First Amendment has any application to other branches of the USFG and even state institutions has to do with the Supreme Court has interpreted the intent of the amendment. Obviously this doesn't have to do with the FCC because, as far as I know, Congress legislated the FCC into existence.
Before you criticize me for taking this off topic then, here's why that matters. If you take the First Amendment from a strict constructionist interpretation, then it's clear that much protection of free speech will be lost. And hey, some people support that view of the First Amendment. If you want it to apply to the Executive and states (even if "Congress" can be interpreted strictly to include state legislation, there's still a lot of other political structures in the states with power)---then write a new amendment.
I have a suspicion, though, that those of you making the case that the FCC violates the First Amendment would not support an interpretation of the First Amendment that leads to school mandated prayer, executive orders suspending the ability to criticize the President, etc.
To solve the problem that the strict constructionist interpretation runs into, we can interpret the First Amendment more broadly. The intent of the First Amendment is pretty clear. It doesn't make sense to protect free speech by only restricting congress.
If we begin looking into the intent of the Amendment, though, it becomes pretty damn obvious that "speech" was never intended to include obscenities. "Speech" in the context of the First Amendment, sandwiched between free religion and freedom to lobby, most likely means "expression of idea" specifically and not just any vocalization.
Even with a strict constructionist interpretation of the constitution, the word "speech" has some room for debate. No one on this thread has even considered the question: what is speech? This isn't just a rhetorical question though. I'm really hoping that someone can provide a good definition of it because it's not so clear to me. On the one hand, speech is "something that is spoken; an utterance, remark, or declaration" (Dictionary.com) which would include obscenities. On the other hand, speech is "a form of communication in spoken language, made by a speaker before an audience for a given purpose" (dictionary.com again) which could arguably include obscenities, but mostly implies in this case that the state would not be able to stop someone from communicating with a purpose or impeding on that purpose, but it would allow them to restrict some of the language they use to get at that purpose. You could express the idea that we should reject the President, but you can't say it like this: "F--- the PRESIDENT!" You could say: "Down with the President!" Insofar as the intent of the speech is preserved, it seems that by that definition of speech there is still freedom of speech in the world of the FCC.
And those are just two definitions of "speech."