From the lawyer who is writing the comments for Markos, Atrios and BOPNews:
If bloggers are not considered under the media exemption, then everything they say can be considered an "in-kind contribution" to political campaigns, subject to reporting requirements, disclosure requirements and limits. Group blogs would become "political action committees" that would need to file. A blogger who incorporates would violate the law with the first word he said supporting a federal candidate. And more.
Let me give one example of a detail in the proposed regulations that you might be concerned with: under current regulations (11 CFR 114.9), employees and stockholders of a corporation, as well as officials, members, and employees of a labor organization, are allowed to use corporate or labor organization "facilities" for individual volunteer activities in connection with a Federal election, only if that use is "occasional, isolated, or incidental."
To be "occasional, isolated, or incidental", it cannot prevent the individual from carrying out her normal duties or interfere with the corporation or labor organization carrying out its normal activities. As a "safe harbor", you're automatically fine if it does not exceed one hour per week or four hours per month.
They'd like to extend this to your use of computers and email as well -- and, mind you, if you're doing this from your private college's computers or network, your school may well be legally incorporated.
So, is 1hr/week, 4hr/month enough time for you to read blogs and participate from work?