I read about this yesterday. It is extremely ill advised, and I'd be shocked if it went anywhere in its current form (though I've been shocked plenty before by legislative idiocy). We'd have to throw out all current routers and replace them with something that can track and store a lot of useless information (DHCP). Scott makes the point already, so I'll skip details.
The idea behind it, even if implemented sanely, is itself unspeakable bullshit. In the name of protecting children, they're trying to follow in the footsteps of George Orwell. To everyone that loves to hate the ACLU, this is exactly what they're for. I can't see any law like this surviving a challenge from them for long. Then again, I thought the DMCA would never survive a constitutional challenge either. I would hope that Obama would veto such a law outright, given he's the most connected president ever. He should know what's at stake.