There was a stupid old bint on BBC Breakfast that only seemed concerned about the companies loosing money (artists don't make a lot from record sales in comparison to doing gigs), nevermind the fact that once you bought a CD you
should be allowed to duplicate it and change format as you can in just about any other country, Hollywood still seems to be doing well and they've had similar laws to what has been proposed here for a long time.
I personally don't think it will change a damned thing in the short term as everyone has been ripping CD's to MP3 despite it being illegal for many years.