The big thing that people miss is: They can only sue for the value of goods downloaded. AND they must prove that. No fishing.
This is not Canada bending over for Amerika, It's Harper saying "Screw you" you're not going to threaten Canadians.
If, for example, I go buy a movie, then download a version for my media centre, I have not committed a crime. I have paid for it. If I download it, and have not bought a copy, and they catch me, they can only sue me for $20 for the copy, not millions like the states.
There will not be any 6 million lawsuits here.
If the media companies weren't so stupid, they would price it properly and no-one would pirate. Who needs to pirate any songs anymore? I can just fire up Spotify and listen to whatever I want. If the movie industry ever pulls their heads out of their asses, we'll have the same for movies.