Don't know if this has been said yet, since i'm not going to bother reading through the "OMG AMERICA EVIL/DICTATOR" posts. However, I feel that most of you lack understanding of how congress works.
The bill will obviously be looked at by a committee, to determine it's worth and what exactly it should entail. As it is now, it's just a vague blueprint. There's also plenty of things that rely on the internet, such as phone services, cell phones, emergency services, etc. In fact, even nuclear plants and the like use the internet these days.
I will admit though. I am totally against this, because it does sound like something that could be too easily abused. It also sets a bad precedent...and it'd be awful if they ever used it.
Finally, I want to say one last statement, about the general idea of internet and phone monitoring...none of you are important enough for the government to waste it's time with. Think about how much each and every single person talks on the phone each day. Then think about those that talk in foreign languages, in leet speak, in random nonsense codes. Add in the jokes/idle threats people make all the time, such as "I'm going to kill Bush, he's such an idiot." The intelligence agencies TRIED the monitoring bit once, back in the McCarthy era. It failed, miserably. It's been proven that it can't be done. Even when they did the phone taps, it was very specifically targeted.