As you can tell, I'm also in support for this. I cannot say the full reasons for my support, but I'll let the links speak for themselves. In short, this can and probably WILL result in a domino effect which will put the internet out of user generated content. Basically, it will end up as just an advertisement portal. Now, aren't we sick and tired of ads already?
Might I remind you: The RIAA Pirated $9 Million Worth of TV Shows just a few months back. These are the same big corps that are pressing for this bill. They are hypocrites, using the money they've got, to squeeze the rest of the world for more. Greedy? Extremely, but that's what money does to many people. So remember, get rich the right way. It's not a matter of legality. Many legalities are wrong morally. It's about the morals.