Meh....torrenting wasn't even known about several years ago. One guy just came up with it because he had Asperger's and was obsessive about that kind of thing. Napster pimp slapped with entire music industry (and turned Lars Ulrich into a raging douche). Look at our phones, the level of technology, ability for devs like CyanogenMod to come up with new code, etc.
So they honestly think that this will stop piracy? What a joke. The ones that do mass sharing on an epidemic scale are the ones who could easily cover their tracks or create an entirely new system with which to share. Perhaps we should be working towards cheaper models for the consumer. iTunes, Amazon, and the Play store have made good in-roads towards slowly driving down the cost of some content. We just need to grind a little further. Because in the end, the casual downloaders are the ones that they hit first. It's like tagging the low-level thug while the mob boss casually whistles walking away from the crime scene. It won't create a chilling effect on the real problem causers, just the rabble.