Here is the problem. The laws as written gives corporations the power to legally censor the internet without due process by blocking any website they feel might have copyrighted or pirated content. Proof is not necessary nor required.
In a day and age when most people agree they want smaller government this is the single greatest expansion of power we have had in nearly a decade and it turns it all over to corporations on the assumption they will not abuse it. Do you trust corporations and the government to make the right decisions on what websites can live and die? DO you trust them to not abuse it? I don't and nor should you.