Wow, even for /. there's a lot of people who didn't even read the summary, let alone TFA. And there's a lot of FUD being spread.
What this means is that IP address information might be considered personal data under EU data protection laws. This means that companies/corporations/organisations which log your IP address will have to have a privacy policy in place governing how that information is used.
There are also certain requirements, such as they have to make people's own information available to them if requested, they have to disclose breaches of information to those affected and so on.
It doesn't stop logging IP addresses, it won't stop webservers using client IPs to maintain statefull connections, it won't stop google associating IP addresses with search data, it won't stop wikipedia or forums storing the IP of posters. It just means that organisations doing this need need a privacy policy in place to protect this data (which most of them already have to protect other private data they store).
It's just acknowledging that IP addresses can/may be used, in some cases (the summary points out that they already acknowledge IP addresses are often dynamic), to identify a person and deserves the same level of protection that things like phone numbers and home addresses already have.