I agree, even though this law wouldn't really have an effect on my German website. Free Speech should not be made impossible, because some assholes (The entertainment industry) get too much fucking power to censor Domain names (the DNS for those curious). Sure piracy is bad, but hitting a fly with a sledgehammer is overkill and often enough not working.
This means that this blog the way it runs would not be possible anymore. Enough hate filled magicians would try to censor this blog, and all it would take is just one guy. Well technically it would mean that you cannot type "weeklymagicfailure.blogspot.com" into your browser and expect to get here. You would have to type: "188.8.131.52" so now you know. And knowing is half the battle.