Well, I'm still reading through it but the first thing that has jumped out at me is their presumption clause. See, it's incorrect to assume that every copy downloaded is a lost profit. The download could have occured for many reasons.
1) The downloader could be sampling, and intends to buy later.
2) The downloader has already purchased (i.e. a movie on DVD) and is downloading a digital copy (i.e. an avi file for their Macbook Air with no DVD drive).
3) The downloader is replacing an existing copy, i.e. the movie the disc is on is scratched, or the CD installer for a video game is missing.
4) The downloader is doing so to avoid the installation of DRM, while still supporting the developers - i.e. buying a game protected by Securom then installing the pirated version.
It may be just me, and my own personal view, but the fact that ACTA doesn't consider these to be mitigating circumstances is a fair warning sign that it's not going to be a progressive solution.
/goes back to reading
EDIT: Erk. I do not like item 5 (Circumvention of technological measures). The one thing I like about my countries copy right laws is that we are legally allowed to create digital copies for our own personal use, i.e. backups - and can circumvent encryption to that end.
If I have purchased a DVD, my right to view what is on that DVD should not magically end when the DVD wears out. I should be able to take steps to ensure my continuing access to that content should I so chose.