It had been dropped for a while I think, but apparently they've been trying to push it through without a lot of fanfare or exposure, which is bad news for all of us. One of the artists on RB posted a link to a free copyright site - not sure how much good it will do, but I've started using it until I can get all of my images onto disc and registered BEFORE the bill passes, but the way I've read it, even if the images are already registered we may have to register them with every registry that pops up.
I know the bill essentially applies to US copyright, but it does contravene the Berne Convention, so in effect it means whether you are American or not, you could be stung.
My Free Copyright
I suppose it's a small measure of semi-protection, but possibly better than none for people who can't afford to register individual images - it's time consuming to register them though, and when you do you get an email for every one.