Fair use goes out the window, alone with derivative work. Since ISP's have immunity, if they got an order from a company (not the government) to stop HLP they'll enforce it no matter what.
Fair use doctrine and derivative work precedents do not go out the window. They are utterly unaffected by SOPA, and to believe otherwise shows a lack of understanding about what those terms mean. SOPA does not alter the nature of copyrights, trademarks, or patents but rather expands on the methods of enforcement.
It's still a bloody awful bill, mind you. Were it to go into effect as-written, the internet, as accessed from the United States, would become largely partitianed off from the internet as accessed by the rest of the world because of the ****ery that SOPA demands be performed on the DNS system. The bill expands on this notion of private enforcement of copyright that's more akin to corporate vigilantism than anything remotely resembling justice.
By all means, please continue to oppose SOPA, but when you're writing that letter to you Senators and Congressperson about it, try to include the valid reasons for opposition, and leave out the invalid ones. If you go in shouting, "SOPA'S THE END OF FAIR USE!" then you immediately come off as sounding like an idiot who posts his favorite album/movie/video game to a torrent site, whilst trying to use fair use doctrine as a shield. Basically, what I'm trying to say is
read the ****ing bill (
here's a PDF, so that you don't have to click through each section) and oppose it based on something it actually does. It's seventy-eight pages in font-so-obnoxiously-large-that-those-old-farts-in-Congress-can-read-it. If it means that much to you, that's a pretty short read.