It won't get past the Supreme Court when challenged.
P2P will simply move off the radar. It will go pc-2-pc. That technology already exists and is next to impossible to find unless they actually search every hard drive. And newgroups will continue.
The elected officials who introduce such legislation don't have a good understanding of technology. This isn't much different than Senator Hatch advocating blowing up pc's that download music.
The official who introduced this is milking the MPAA and RIAA for campaign contributions. This has nothing to do with rights this has everything to do with the best legislators money can buy.
Yeah - everyone seems to have forgotten about god ol' Usenet. It's still there, and still functioning.
Personally, I don't download movies - the quality is crappy, and you don't get all the extra goodies you get with DVD releases.
The BitTorrent Effect