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@branwen
Might be mentioned up-thread, but there is a scray as fuck article in Wired, talkign about the new US gvmt data storage site. Talk of storing Yottobites of data, and developing new supercomputers to render 256bit encryption useless, as it'll just brute-force it anyhow. And making the point that if it's stored, it might not be de-encrypted now, but it will be at some point.
http://www.wired.co.uk/magazine/archive/2012/05/features/the-black-box
Also, I'm sure this isn't the case, but should this not only come into effect when the law is passed, i.e. anything that exists before that point is out of their jurisdiction?