I don't think that many are arguing that it's going to be an obvious complete annihilation. The backlash would be far too large if Reddit actually went down. More likely, it's just going to be small sites here and there that are too small to defend themselves, and that not enough people care about seeing go away to make an outcry loud enough for Washington to hear. That's what's really scary about it - that it will have very bad, almost silent effects that few outside of tech notice.
I agree that the effects won't be instant, and I too worry about the unpredictable chilling effects on the internet, free speech, and the U.S. technology industry. Like Robert Frost said, "for destruction ice is also great and would suffice."
Yeah, 2005 Reddit would probably be pretty screwed. Areas with a lot of user generated content might calcify if this big barrier to entry comes in, and only the big incumbent players are safe. I imagine the fact that govt. clearly wants this is probably already going to have a chilling effect on riskier areas, even if nothing gets passed.
