A summary and some of the latest news is here.
If you aren't calling your representatives, raising hell, signing petitions, something, then you're really not following how awful this thing is. It's incredibly heavy-handed and even improvements have not been enough.
I get the impression SOPA/Protect-IP is really a kind of last gasp of some media interests, but it's one so draconian and do broad-ranging that it could be misused terribly.
(By the way, the Movie industry is doing darn well despite all the supposed piracy.)