That's about what I got from it. A platform has to define what is and is not allowed, then follow those guidelines. They also have to provide a reporting mechanism.

It's about as effective as a "strongly worded letter".

What I didn't like is the earlier sections which make it a crime to allow publishing of content you know is illegal. Normally that sounds good, but then you consider Wikileaks or Snowden. Now the Feds have a stronger case for going after platforms which publish classified information which details illegal govt activity.