Good! It seems it will only apply to P2P filesharing! and get this... they are snooping for copyright associated file names. So that prawn you download that thought was the new "Batman" movie may get you in trouble!
I have a feeling the file sharing community is going to quickly adapt to this merely altering the names of files sufficiently so as to not be detected and then link that to a code list that you can get served from. Seems they have no way of telling what is actually in the pieces of the file they detect you sharing. A filename alone really isn't proof that you shared anything at all.
I am just glad I never relied on P2P except the rare need to get some hacked program. Which other then big game titles they probably won't be on any copyright list.... I assume this is going to be like the DMCA lists and copyright holders are going to have to have their wares listed with the monitoring company as material they want protected?