I'm not really sure how it would work out either. Really big sites like Facebook, wikipedia, youtube, will probably will have whatever content they do not like removed and blocked simply because it doesn't state what they want to hear, staying up because they cannot simply take such sources away from the people without causing a "hell" for themselves. Lesser sites that doesn't have the same user base most likely get blocked off completely if they spot some discussions or content taking it too far according to them.
Probably like slowly strangling someone or something.
I'm not sure how this law will work out for those overseas, but I got a feeling that it would start out like nothing, then turn out bigger and bigger. FH site shouldn't be a problem to a start exactly, but what will happen is not easy to tell.
All I can see is the country starting to move backwards instead.