Well, the first half of the announcement sounds really good, Kinda payback for suing the ISP's. But then they say they'll frag any subscriber who try's to use Gnutella: "Clients which connect to our peer-to-peer clients, and then afterwards attempt to illegally access the network will be immediately blacklisted from Information Wave's network." Who ever said that Gnutella was an illegal network? And since when is entrapment part of any ISP's service plan? Overall it sound's like a pretty bad announcement.
Still, I doubt there's a mad rush by IWT users to the RIAA's site while it's still accessible.