I like in the UK, but I know we have signed this agreement too, so it's only a matter of time I think
(this is an edited version of lk737's post here)
According to this article, dated March 15, 2012:
"File-sharers, beware: By July 12, major US Internet service providers (ISPs) will voluntarily begin serving as copyright police for the entertainment industry, according to Cary Sherman, chief executive of the Recording Industry Association of America (RIAA). The so-called “six-strikes” plan is said to be one of the most effective anti-piracy efforts ever established in the US."
The article goes on to give details. After six notices, internet providers will decide to throttle a person's internet speed, or cut it off altogether. No more downloading eps of your favorite shows for vidding, gifs, or fanfiction art. No more downloading screencaps possibly.
Fox news confirms this:
Youtube video explaining this: