The big issue isn't the question of who to shoot (what's it matter if you take a while to get them, so long as you get the right people?). It's also not "How can we stop the tools being misused", because the simple truth is that we can't, and that they'll get their hands on tools like this even if we don't pass this moronically-named act.
The real concern is that we're trusting big business to use this appropriately. I can guarantee that it won't. The RIAA and MPAA are probably wetting their pants in anticipation of this so they can start hacking internet users to get their identity and extort money out of them, for example. I'm sure they can manufacture some evidence that they were "hacked first". Companies will also be using it against each other. (Microsoft: "No, honest guv. We saw a hacking attempt from both Google and Amazon simultaneously, with an assist from Apple too. We totally had to hack them back. It's just a coincidence that our subsequent product launches seemed almost to have anticipated our competitors' products." Etc., etc.
Big business can't even be trusted with the tools it already has. It sure as hell doesn't need this one too!