I recently made the same distinction on HN, but there's not much point to it because the Moral Majority has made real discussion of CP so toxic that pretty much everyone avoids it. The situation is so bad that your very question might get you branded as a "pedophile". I believe that what Reddit is doing represents a slippery slope, one made out of legal convenience, and that the above distinction, rather than issues of copyright, represents the real battlefield for online freedom of speech.
But there are definite flaws in the plan, especially when it comes to the rights of the victims.