The final result (assuming the legislation stays in place) will be a US internet that only contains content the RIAA et al. approve of; everything else will be blocked.
I find it unlikely that any kind of an alternative DNS network will be allowed to exist for very long, unless such network fully conforms to US laws (and maybe not even then). There's no such network in China, for example; why do you think we'll have one here in the US ?
I don't. It'll probably pop up in another nation in response to being censored by the US.
EDIT: Or did you think I was referring to the RIAA putting up an alternate DNS network? Because they're not, they're going to be censoring the globally-used one.
Referring, of course, to the proposed U.S. legislation which could cause severe damage to the Internet—at least, that's what a lot of people are saying. See, e.g., this Open Letter From Internet Engineers to the U.S. Congress (the first signatory listed is Vint Cerf). On Wikipedia, people including Jimbo Wales are discussing strategies as extreme as blanking the entire site (except for an explanatory message) to get people's attention, and thereby perhaps incite them to action, such as calling their Congressional representative.
I just happened to find out about all this a few hours ago, being someone who tries to avoid distractions like most kinds of news, so possibly others here with similar habits will appreciate having it called to ther attention. Or possibly they won't. But to those of you who possess relevant kinds of expertise:
(I think this subject can be discussed without political advocacy, in which I am mostly not at all interested anyway. It just looks like a practical problem to me.)
Edited to Add: I forgot to include a fourth bullet point:
It seems to have been assumed by many commenters, nevertheless.