I can't say I've read too many blogs for product reviews. Sites run by companies (like Tom, TGDaily, Anand, etc...) do need to be regulated, and probably already were before this new law. Blogs are personal opinion (and carry an inherent disclaimer that they might contain 100% B.S.). That fact that people get sued for their personal opinions, and the fact that these personal opinions regularly make the news (if not sourced as news themselves) is just stupid. Why regulate blogs? Just ignore them.
At least the cost of having to print a newspaper or broadcast a TV show meant someone was accountable in someway. Creating a free account on blogger and saying your a respectable journalist doesn't account for squat.
If you don't realize a blog, twitter, facebook, etc.. is just individuals spouting their own opinions, you shouldn't be on the internet. Remember when it was found out the CNN twitter account Ashton Kutcher was competing against wasn't even owned by CNN?