No. The concerns over the bill are terribly exaggerated. The legislation is quite obviously aimed at all those sites that are streaming full movies.
If that IS the main goal of the bill and what it sticks too, then I have to admit I'm not 100% against it. It always bugs me when I go on yahoo.answers or someplace and see somebody asking for a site where they can watch some film currently out in theater or recently for free. And at the same time complain about prices of tickets, cheap gimmicks and such. That's not how you should show support for the stuff you like.
Now I've watched a few movies on youtube, so I admit I'm guilty for my part of it. But in my defense, I look for the obscure older films that either don't have a DVD release or require a special player to watch them.