Its not about the law, its about how they will try to regulate everything through a "blacklist" of IP's/Domain names.
They will have 2 lists. 1 is a blacklist, second is "optional" list. The optional list will probably be blacklisted by major isps/corps, even through it will be optional.
This sets forth another battle in taking away our first amendment rights in the US. Many years now the US government has set forth to strip us away of our freedoms that many of the people that live there take for granted. I mean in China, you really are blocked from alot of shit.
This new law is aimed at basically destroying your first amendment rights so big brother can watch over you while fattening the pockets of huge companies. You will probably see them DOWNPLAYING this, trying to say somehow "child predators" are involved and whatnot to get people scared into supporting this.
This goes beyond the boundries that senate should be able to make, much less the president. Obama had said he would help protect U.S. intellectual property. But at what cost?
Obama and Biden has already started the war with piracy. You can see with the crackdown of "tv/movie sites" such as Movies-Links.tv, Now-Movies.com, TVShack.net, **************, Planetmoviez.com, ZML.com, ThePirateCity.org, Ninjavideo.net, and NinjaThis.net. More than a dozen bank, investment, and advertising accounts were seized. And I can tell you first hand that most of all advertising accounts with CPALead were shut down due to this as well as alot of Adsense accounts that had something or anything to do with tv shows / movies.
Obama is trying to finish the government's war on personal freedom. With Bush's (Un)Patriot Act to giving the government the keys to everything else (Health Care, Car Industry, Banking takeovers). The country is headed into only one direction. And its not democracy folks.
Will they do away with piracy on the internet? No. Will they try to make it harder to pirate software and movies? Yes, but at what cost? Your freedom? Freedom for people that aren't even in the United States? If this passes, the Govt. will press issues with all ISPs and Search Engines.
Piracy has always been here, and always will be here. If there is a demand for it, it will be met with a supply, it's simple economics. This will just force people to go more underground, collaborate, and get even sneakier in its tactics.
By the way, who do you thinks going to "regulate" what is copyrighted or not? Domain name battles, copyright infringment on parody videos, etc... have long been fought and WON in court. I mean even competitors have for years used fake DMCA takedown letters to close shop for their rivals via their hosting providers and to much surprise, works. Who's really left to say whats going on the blacklist or not?