I find it funny that people have blown this out of proportion.
They see one sentence in a law and think its the end of the internet.
SOPA and PIPA are formed for one reason, to minimise the amount of illegal content being distributed through sites on the net, it will give them the power to say to a site provider etc to remove the content at once without the need to get legal backing (warrant etc).
For some reason people on sites like 4chan etc think it means they can shut down any site... which is not true. "OMG ITS THE END OF GOOGLEZ" no... no it isn't. :P
Its about time something like this is passed, would mean all those kiddies out there will now HAVE to pay for stuff and that means more money into developers pockets which means developers will find the energy and enthusiasm to once again create excellent software instead of a quick fix for cash.
It becomes a lot more credible when Facebook, Google, Mozilla, and the WikiMedia Foundation say the same things that have been circulating those sites.
[Edited by Neo7, 1/19/2012 4:36:08 AM]