The chilling effect of a regulatory scheme would be exacerbated by its arbitrariness--for example, the FEC trying to determine on a case-by-case basis which bloggers should be considered `news' organizations and be granted a media exemption and be taken out of the realm of regulated organizations, and which should not. This arbitrariness would negatively impact bloggers in particular because their sites often meld news and advocacy. If you have a web site, even as a private citizen, and release information that shows the people what hildabeast is really like, I believe it would fall under the category of news-advocacy. If it became a popular site, it would draw the attention of the FCC and you would be closed.
This whole thing reeks of Communism. Trying to do away with our free speech. Hell, they already screwed us on imminent domain.