Here is the revised bill [pdf], introduced late last night.  Floor statement is here [word].

The content industry would like to overrule Sony, and sees an opportunity to do so before all legislative activity ceases for the election.  This is the Hollings bill in another guise.  It would potentially make some legitimate technology liable for secondary copyright infringement -- things you love, like the Apple iPod.

The industry will say "If you're not with us, you're against us," and if you're against this bill you must be in favor of child pornography.  The bill's proponents will claim that this is all incremental -- an application of patent standards that have worked well for years.  But the INDUCE Act is much more than that:  it is no less than an attempt to ensure that any equipment manufacturer that makes money in an atmosphere in which some copyright infringement may be occurring will itself be liable for infringement. 

It's very easy to show direct copyright infringement -- much easier than it is to show patent infringement.  So indirect liability will also be easier to claim under this act. 

I'm not saying it's the end of western civilization.  I am saying that this is bad legislation that will have a negative effect on a part of our economy -- the IT sector -- that contributes much more in terms of jobs and revenue to the country's economic health than the content industry does.