moTi is right. If this is upheld:
1) Search engines will have to remove anything that anyone claims is libellous - it is not practical for them to verify the facts. In the UK, where hosting providers are liable once notified of a claimed libel, they do not bother to verify, they just take down anything claimed to be libellous.
2) The winners will be big websites with brands that people already know. The losers will be small sites that rely on search engines for people to hear of them.