This actually came back to life last month after Obama signed an executive order and ordered that idiot Janet Napolitano to identify critical infrastructure. Of course, we all know what happens when Homeland Security gets involved in something. It turns into a massive cluster fuck.
Notice how there isn't a single technical company out there crying about this bill? This Bill would pretty much absolve every single company out there of passing personal information on to the government and they'd be immune to any legal action.