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It is too soon to count this as a win, but when the guy with veto power comes out against the worst provisions of a bill, chances for it becoming law go way down. That said, the President has been quite reluctant to actually use that veto power. As for Rupert Murdoch coming out in support of the bill and blasting Obama for his rather mild opposition, well, for me that's a pretty strong indication that the President is on the right side of the issue. Murdoch's online track record is pretty horrible, from dropping online readership of the Times of London by ~90% to his purchase and destruction on MySpace.
The steady stream of opposition from both big corporations like Google as well as normal people like us has had a real impact on this issue. I don't know how many members of the public get fired up in support of this bill (very few, I suspect), but I do know plenty of opponents who have called their congressman to register their opposition (including me, and I you have as well). There is one thing people must remember, however. There is a companion bill in the Senate, PIPA. We should keep that in mind and call our Senators to express opposition to that as well.
I do think that the DNS blocking provision is dead, and I count that as a battle won. The war isn't over just yet though, and I'm glad for all the sites that will go black on January 18 to raise awareness of this issue in the coming days.