Problem is that few people understand the Snowe bill (including Congressmen). I agree it should be getting more attention in this forum.
Since Verisign (the registry) is in the US then it could affect non-US companies.
I doubt content, including non-infringing content, would be much protection.
The only protection I can imagine is only owning domains less valuable than the cost of taking them. Lawsuits are often won because the defendant cannot afford the thousands of dollars required to fight.