And what happens when the media companies use this as a launching point to block competing technologies that will cut into their profits. User made videos, new times of entertainment, etc. This whole idea will hurt innovation as a whole. It will give companies a free pass to shutup any one who is saying anything they don't like.
It also gives asshats the ability to take down any form they don't like and get companies sued into oblivion. I don't like this forum, ok I'll post a link to a britney spears album and report it. I'm sure once you remove the offending link their will be a easy and simple process to remove your DNS block.......
Twitter, facebook, forums, newsgroups, download sites, torrent trackers, blogs, etc would all be destroyed by this bill. There would be no point to having a DNS system, competing DNS will be created, this will lead to more laws requiring even more filtering and costs from ISPs, and making them liable will force up costs even more to deal with lawsuits. Finally, these costs will stifle improvements of service and turn companies into police forces to stop users from 'breaking the law'.
Last but not least, this bill is yet another way to ruin the lives of children by allowing jail time for downloading music. I'm all for all of this though. I think we need more 12 year olds in jail.