(sane) Tech regulation is a long time coming and it's not coming out of the Five Eyes nations - good to see EU taking a lead
cons:
I wish this had been for a "harder violation. Yes it's bad. yes they are ignoring EU law. But it's you know drawing a social graph.
This leads to a fundamental issue - global capabilities (drawing a graph between all the people you know) should not be limited to arbitrary geographical boundaries. Social graph is fairly obvious - I have friends in US, where do we process the edge between those two nodes? If we cannot sort that one out we are going to struggle with epidemiology and medical inferences across boundaries.
Where data is processed should not affect the care with which it is processed. I can conceive of some verifiable processing package that ensures data can be processed wherever and still meet regulations. Can that be part of the future?