My take: That's cute you thought we had internet privacy before. This just legitimizes another form of shady shit that has been going on for over a decade. I like to picture this bill coming about like this: some ISPs were probably already doing this or prototyping the tech to do this, their legal dept. caught wind, and then lobbyists were called in, and here we are today where they don't have to hide what they were doing.
The good: SSL and VPN will continue to rise in usage. Man in the middle snooping (internet 'wire tapping') will continue to decrease due to encryption making it unfeasible (Thanks letsencrypt).
The ugly: Service auto opting-in snooping for the data they have control over and submission end point profiling will continue to rise to create similar digital road maps of activities of individuals to sell. the former example is facebook obviously, the latter is other sites de-anonymize you even when using SSL/VPN: using browser fingerprint, cookies, writing style analysis, or the ez way: your known aliases/IPs (including VPN endpoints/service providers). When multiple sites are tracking of scraped for data, your roadmap can be built.
The Bad: Personal computer / smart device attacks will continue to increase since you can snoop if you see the actual screen or tap the actual keyboard. Wikileak's latest published docs confirm the heavy weaponization of exploits like this, luckily it doesn't scale well and some big names in private business industry are getting serious about trying to find/share/prevent 0day hoarding. If you have any doubt as to why this sucks, think of it as the same as a master key. Just because our government has a exploit to hack into iphones and doesn't disclose it doesn't mean it'll never leave our possession or get reproduced through determination of a 3rd party.