Breaking news today - as 'tv-shack' website owner Richard O'Dwyer is sentenced to extradition to the USA, not for hosting copyrighted material on his website, but for linking to copyrighted material.
Obviously if you run a website selling cheese and you host a random link to a copyrighted site, I don't think you should be worrying too much about extradition, but certainly torrent servers and users should start worrying about whether they are infringing this evolving law.
But I do think this matters to ordinary users, and we should be aware of copyright law and how it affects us.
For example, when you run a Google image search, you should certainly think twice about copying the images you find and using them on your own website.
And if you're copying text from a competitor website, even if you make tweaks to the copy, the act of copying does in fact fall foul of the law.