I'm obviously not thrilled about the idea of political free speech on the internet being regulated. But I don't think it's going to be all that big of problem as a practical matter, at least in the short term.
Why: the internet doesn't reside solely in the U.S. If this sort of regulation actually becomes reality, I would predict a mass exodus of bloggers to offshore servers and websites.
Now there's some irony for you. Americans outsourcing their political free speech to other countries.
And when the UN takes over regualtion of the www, what then?