A minor issue? It's an attack on your freedom and your privacy.
Some people seriously would sleepwalk into a facist dictatorship, sacrificing freedom and personal liberties for "think of the children; terrorists".
All of the above, I agree. As to the likelihood of major changes to the internet as we know it, I think that it would be minimal.
I protect myself with a VPN and avoid posting real personal data online as much as possible. If banks and other databases were as careful as I am, there would be a lot less fraud.
However if MI5 want to know all about me, I am fairly relaxed about that.