Who does this actually benefit?
I'm not sure why people keep saying the 'big guys' will be happy and that US companies are the beneficiaries of this?
Facebook/Twitter etc already have total ownership and rights to anything you upload (you did read their terms didn't you?). I would have thought that people like Getty, Reuters, AP etc are going to get royally pissed by this once their images start getting ripped off and used for free. It's not just images either, from what I've been able to work out from a quick scan it just refers to 'Works' rather than images so it covers pretty much anything. So once people start redistributing Amazon's books with all metadata removed I guess they may start getting upset as well....
A typical bit of legislation created by intelligent politicians after lots of well thought out consideration for the implications it will have. Not.