Add Cory Doctorow to the list of authors who write about legislation they haven't read. What it actually requires is the keeping of IP address assignment records and the mapping of them to custormer records. A few sites have claimed it requires keeping a log of all sites actually browsed and data downloaded and such, but that's completely made up. It's disappointing that Doctorow apparently gets his information from such sites and doesn't verify it.
The relevant parts of the legislation are only a couple of paragraphs. Why do bloggers find it so damned hard to read it for themselves instead of just repeating what other bloggers write?