Steven M. Bellovin, network security researcher at Columbia, has a must-read post up about the new cybercrime legislation push from the Obama administration.
"Deterrence won't suffice, even for ordinary criminals; it won't matter at all to the more serious state-sponsored attackers, despite the indictment of some alleged Chinese military hackers. The goal should be prevention of attacks, not punishment after the bad guys have succeeded. This proposal doesn't even try to address it."