It is my understanding that the ultimate fate of this law - if it were passed - is to be declared unconstitutional by the courts the first time it was used in a case, and that's assuming it gets passed in the first place. It's already going to have a very hard time getting the support it needs when the people they need to woo to get it through are already upset with how the industry misues the less carte blanche written DMCA (which is already heavy handedly carte blanche). Most experts think this is a joke wet-dream with zero chance of passing, and some further believe it's just to take people's attention off the grossly abusive stuff they're currently doing with DMCA most recently as is (by presenting them with something ethereal to fight against so that they don't fight against what they're actually doing).
However, by all means, speak up out against it and contact your representatives. Specifically contact your representatives, law-makers don't care jack-shit about online petition signatures. However, this is not quite the imminent "Perfect Doom & Gloom Forever" that some people are making it out to be.
