Should alcohol be more closely and honestly regulated as a drug?

Should monstrosities like the kid-appealing day-glo malt liquor cans with freakin' fruit juice recently reviewed here be controlled in the same way that Joe Camel skateboarding with cool teens is (or should have been)? Or like allergy and erectile dysfunction ads are?

An article at Science Daily covers it...

Or as the Fark submitter puts it, "Hey yeah, why ISN'T the alcohol industry regulated like all the other drugmakers?"

Thoughts?