The Motley Fool has an article on the INDUCE act and in reference to people claiming that the new bill would kill the iPOD, they say "Don't you believe it." Here's the quote:

Don't you believe it. While I'm normally not a fan of legislative remedies to technical problems -- and I've got the public ranting to prove it -- this bill doesn't seem all that unreasonable to me. Of course, I don't steal -- I mean, file-share.

From Fool.com: Will Congress Kill the iPod? [Motley Fool Take] July 8, 2004
Referenced Fri Jul 09 2004 09:34:36 GMT-0400

This whole argument is a red herring. The question isn't whether Apple and other manufacturers will stop making MP3 players. They won't. The question is, if this bill had been in force 5 years ago, would any company have built an MP3 player? I think that reasonable people can conclude that businesses would have been more cautious and we wouldn't have the market we have now.

What opponents of the bill have argued all along is that it stifles innovation. Given that, I think it ironic that Sen. Hatch is sponsoring legislation that disadvantages the kinds of business that Utah has in spades (small innovative firms) in favor of entrenched businesses (which Utah has few).