Will the copyright treaty take us back to Web 1.0?

Here's some of what's leaked from secret negotiations to hammer out the treaty, according to Boing Boing:

That ISPs have to proactively police copyright on user-contributed material. This means that it will be impossible to run a service like Flickr or YouTube or Blogger, since hiring enough lawyers to ensure that the mountain of material uploaded every second isn't infringing will exceed any hope of profitability.

I have no idea what this really means. Read the rest of the post and the large comment thread.