UltraDavid actually wrote a pretty good article on this. It's worth a read.
http://shoryuken.com/2011/06/29/trolling-the-stream-by-ultradavid/
He seems to be afraid of this bill because it actually has a good chance of passing, so that's balls of the community. He makes excellent points about the idiocy of TV companies for trying to stuff new technology instead of trying to follow the money.
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http://www.youtube.com/watch?v=KOqk_q4NLLI
Not taking it.