I can't really see how this can be enforced. Apparently there are 7 million illegal downloaders in the country and this proposed legislation will place the role of policing on the ISP's.
"Cutting off the hand that feeds" comes to mind. The PPS should step into the 21st century and the record companies should make all their content available as digital downloads at a resonable price.
Current antiquated legislation also needs updating. Not only is it illegal to download but it is also illegal to copy your legitimate CD's (that you have paid for) onto any portable music player! At least in the US you are legally able to make at least one copy I believe.