Slashdot.org and CNET News report here and here respectively about a little known law passed by Clinton in 1997 called the No Electronic Theft Act, which could mean that peer to peer file swappers could face $250,000 in fines or 3 years in jail for swapping copyrighted material.
Judging by the number of concurrent Kazaa users you see on at once, or the kind of carry on going on on some IRC channels, I doubt very much that EVERYONE will be going to jail any time soon. However, as was seen in the Verizon case just recently, maybe all that's needed is just one person to be picked on by the RIAA with the power of the law behind them, just to put the fear of God into everyone. Whilst this law isn't anything new, its perhaps one more tool for the RIAA and its nasty band of pals to fight copyright file swapping on the Net.