This is actually going to pass? Is this for real?

The entertainment industry needs to realize the fact that their business model is outmoded. They cannot come to realize this fact, or even embrace the power of the Internet. They're blaming the consumers (and they do have grounds, considering this was made primarily to stop pirates), but they refuse to modernize.
Now that I think about it, the Internet is something that governments all over the world have to fear. It's too big, too free, and too fast. The media coverage of social media's influence in pretty much everything important nowadays only amplifies the growing concern for the people at the top (this includes both entertainment executives and government itself).
I have a feeling this is more of an experiment than anything (like Bank of America's $5 debit card fee), and that ultimately, it'll create more problems than it helps to solve. Or who knows? If it doesn't work, maybe they'll just start directly blocking IP's. If this law lasts more than a year, and if it is actually utilized, then... this is the beginning of something big.
EDIT: I just read that this is going to cost $47 million US tax dollars a year. The MPAA says they lose about $3 billion a year in box office sales (not DVD or digital downloads). So basically, this law only has to stop about 2% of piracy to be deemed "successful." What a sham.