You can bet your life that it stinks to high heaven.
If you think the Digital Millennium Copyright Act blows goats, let me introduce to PROTECT IP.
It sounds to me like it gives Big Government, Big Media and Big Whatever their wet dream--a way to shut down any and every web site site they don't like, under the guise of protecting intellectual property.
Think of it as the Great Firewall of China with even bigger teeth. If this thing passes, watch the Intertubz turn into cable TV.