If passed, this law will allow the government, under the command of the media companies, to censor the internet as they see fit, like China and Iran do, with the difference that the sites they decide to censor will be completely removed from the internet and not just in the US.
This bill was Introduced Sep. 20, 2010 and is well on it's way to the Committee.
Some I could see as being helpful but that's a lot of power to give to the private sector, and the Executive/legislative Branch.
http://thomas.loc.gov/cgi-bin/query/z?c111:S.3804: