I think http://en.wikipedia.org/wiki/Stop_Onlin ... ifications
sums it up pretty well. It means that everyone is potentially a target and can be closed down even if they do nothing wrong and even when they are not in the US. It is similar to what China is doing and doesn't belong in a democratic society. it is also, along with ACTA, an attempt to force US law down the throat of non US citizens and companies (through it's control of the root DNS servers).
A relevant quote from Wikipedia: "Many proxy servers, such as those used during the Arab Spring, can also be used to thwart copyright enforcement and therefore may be made illegal by the act."