[edited]
For those wanting to actually know more instead of looking as far as their mouse click finger, here are two documents you can take the time to read.
The Legislation
A legal Overview
Since the posting of the video there has been an enormous reaction.
Bicycle Mark podcasted about it here, and vlogged about it.
It has been posted and commented on many blogs. (I did not spam them myselves, they posted it on their own websites. The only way I could have spamed them was by using some form of mind control. Yes the video does come into my RSS feed automatically. It's called video blogging. That's not spamming either.)