I haven't read it, but from what I've seen, I'm scared of it. It isn't just about online piracy, but "counterfeit" goods, stopping people's right to buy medication in other countries, and a number of new regulations to stifle free speech and harm small online businesses. About the only people who benefit from it is big media, the trade unions, the fashion giants, and the US pharmaceutical industry. Google, Yahoo!, Electronic Frontier Foundation, the ACLU, and other technology companies and civil rights groups oppose it too.
I'm a little more worried about the terrorism bill which just passed in the US. All someone has to do is start a rumor that you are a terrorist, and you are no longer considered subject to the Constitution. All due process is out the window, and they can arrest you indefinitely without a trial, torture you, and even kill you whenever they see fit. That won't affect most, but if you are singled out or on someone's [feces] list, you will have no legal protections nor rights whatsoever. I hope the Supreme Court weighs in on that one.
I don't mean to be an alarmist, but I think 2012 might be hell on earth as far as wars, civil rights abuses, and government tyranny go.