I forgot to mention... this would also have consequences on U.S. hegemony over the internet. If domains are censored in the U.S. then servers will go abroad in droves to escape the tyranny, and our country will no longer have its internet heritage. We created it and it was created to be free. If we turn our backs on that then other countries will pick up the torch; or, if it turns bad, it will incite other countries to begin their own censorship.
After Wikileaks, the U.S. government will do anything to stop the truth from getting out. I don't think this bill is just about piracy, it's about broader control over how people think and exchange information.