Hail to the death of freedom to information in China. No wonder we make the same mistakes over and over again, since we never "know" history despite the information highway available in modern times... >.<
I doubt that the Chinese government would implement it to the fullest. With Olympic coming and all, they have to alleviate a lot of rules otherwise i think a lot of criticism.
Its impossible to block all "bad" content on the internet. Hopefully they'll fail in every attempt to block "bad" sites.