Before debating software patents (and I was really thinking in terms of patents in general, which is a little off-topic, and I didn't make clear), you have to answer the question "What is the fundamental difference between a hardware and a software solution?", and why. I personally don't differentiate between them much, as I see it from the point of view of the effort involved in creating something, whatever format the end result is in.
The fact that some ludicrous patents have been granted to certain companies in certain countries isn't proof that the idea is bad, just that it's been implemented badly and corrupted. If this particular legislation doesn't address those issues then this particular legislation should be rejected.
Finally, what's wrong with being able to make a buck or two with your nifty ideas? Better you do than someone else does.