From what I've read of it, it's not near as bad. The goal of this bill is less "let's stop ALL THE PIRACY!!!" and more "let's find better ways of combating cyber-terrorism."
It won't break the internet, make it a felony for you to post yourself dancing to a song on YouTube, and as long as you're not being a moron and vandalizing websites, you'll be in the clear.
Of course, there's always the risk of this power being abused in order to pick on people the government just doesn't like, as with a lot of defense bills passed since 9/11, so if you wanna hate it for that, than have at it.