Piracy is a problem and it allows people to profit off of work they did not do and have no rights to. So any law that helps to prevent this from happening is most likely a good thing. If the people who created the work cannot profit from it they will stop creating the work and then no one will have it.
The law dictates that the ISP monitor the exchange of information to prevent copyright infringement. This seems to too invasive. It subjects those who are innocent to unfair surveillance of their information exchanges. If copyright infringement happens, it should be dealt with under the law. This law is assuming that all users are guilty.