The problem with SOPA/PIPA from the outset was the lack of due process. A corporation could shut down almost any site they wanted to without due process. It was a case where the blocked site would have to prove their innocence instead of having to be proven guilty.
A Slate article yesterday hit the nail on the head. The author made an analogy to basketball where blowing the whistle on every single foul would ruin the game. Instead, they blow the whistle on enough fouls to keep them from getting out of hand. SOPA/PIPA went too far. It is an attempt to get rid of all piracy in a very heavy handed manner.
I think corporations do deserve some pathway for protecting their copyrights. It would be refreshing to see leaders from the entertainment industry and internet communities work together to find a solution that works for everybody.