http://ipaction.org/blog/2006/06/worst-bill-youve-never-heard-of.html Copyright has not served it's true function in ages. This bill just drives the point home.
From reading some of the SIRA/Copyright information on the web, none of this applies to the users of the end product (e.g. you and I). We will not have to acquire or pay for additional licenses due to having something stored in our cache. You can read more here: http://blogs.law.harvard.edu/cmusings/2006/05/18 and a whole lot more here: http://www.copyright.gov/docs/regstat051606.html
Bobrek: Nice find. I am currently reading some more information here. Some things that leap out at me. 1) It appears you are correct, the end user is not directly targeted. However, it seems to leave it wide open to target ISPs, in which case I can guess it would be passed on to you and me. 2) More importantly, the use of "designated agents" is perturbing: Seems that this would make the independent artist, or anyone wishing to submit works to the public domain beholden to the RIAA regardless. That reeks of a power grab, i.e., even if I specifically forbid playing a copyrighted song of mine on the radio, the RIAA would have, essentially, their own copy of my work, which they could sell as they see fit. Meh - I might be too cynical.
Bow down before the one you server; you're going to get what you deserve. Thank you sir, may I have another.