Libel is about the harm done to the reputation of the speech's subject (indirect harm due to the effect of the speech on third parties). This bill is about the harm done to the emotional state of the speech's subject (direct harm; the effect of the speech on the subject). I find it funny that so many people are OK protecting indirect harm, like defamation, but direct harm, like emotional abuse, and "get over it" is all they come up with.
If "get over it" isn't enough for you, here's another piece: "walk away".
And yes, defamation is more direct harm. People might believe you, stop trusting your target, or even be violent. If they do that to your target just because you were hateful to him, well, they either they were about to do it anyway, or they're very stupid.
The moon is made of green cheese. -- John Heywood