Some are missing an important point... (Score 2)

that a person has to give the ISP notice that the demamatory material is on their site and the ISP has to refuse to remove it before the ISP can be held liable. This law isn't too burdensome. The internet provides people with a way to commit libel much easier than they ever could before and there needs to be some mechanism of accountability. This law requires ISP's to take reasonable steps to prevent libel, and then after doing so, should some be posted, remove it after notification. That isn't too much to ask.