In my opinion its long overdue.
This will not effect the majority of bloggers, only the small margin that are big enough and influential enough to be showered with products or cash.
I don't know how bad it gets in other countries, but here in Australia, cash for coverage is rife within the media. Advertisements rapt up to look like news stories, but categorized under the guise of entertainment so they can get away with it.
I hope Australia's governing bodies do something similar.
Cheers
James