There is an excellent article in the Bangkok Post about the lese majeste law by David Streckfuss, academic and author of Modern Thai Monarchy and Cultural Politics.
Streckfuss discusses the use of the lese majeste law and suggests it does nothing to protect the monarchy. After noting some details of what HM the King himself had to say about lese majeste in his 4 December 2005 speech he goes on to note:
Lese majeste as it manifests itself in Thai political society represents a serious threat to the freedom of expression as guaranteed in Section 39 of the 1997 constitution. It inevitably becomes a political tool aimed at suppression of criticism.
As the King suggests, it also tarnishes the reputation of the monarchy when unscrupulous parties - or maybe even anyone - decide to level the charge. And yet even to talk about lese majeste impugns the patriotism of the speaker. How can this measure, fortified in the days of dictatorship, be reined in?
Thailand Jumped the Shark has also linked to the article and has some more comments.