I'd hope it'd help to further flame innovation in Europe and Asia. Crippling US innovation with onerous IP laws (like this might lead to) would probably lead short-term to a dip in global tech innovation (and a correlated rise in IP law expenditures :)) until money and talent moves elsewhere on the globe. One can hope.

On the other hand, the US has always been good at exporting copyright provisions and IP laws so worst case, we'll all be at the behest of rent-seekers like Oracle, etc.

Since the US has a habit of forcing it's practices on the rest of the world, I'm sure it would have an impact on the long term.

Because of software patents, I already see programming and selling software in the US as a dangerous thing to do.