-- any large internet company can share your data with the government; they can't be sued for it. The U.S. will end up with large data hoses stuck into all large internet companies.
-- any large internet company can share your data with the RIAA/MPAA/private copyright police; they can't be sued for it. The copyright police will end up with large data hoses stuck into all large internet companies.
That's about the start and the end of it. If you think it's great that the RIAA/MPAA will end up with the ability to suck down everything that Google/Facebook/Twitter/Verizon/Comcast/etc. know about you, with no subpoena or other legal process required, based on their allegation that you are infringing their copyrights, then you should be cool with this bill. If you think it's great that the NSA will end up with the ability to suck down everything those companies know about you based on their allegation that you are a threat to national security, again with no legal process required, then you should be cool with this bill.
If you don't think that's great, you should probably oppose this bill.