Earlier quoted context omitted.
Yeah from what I have heard the main reason for this law is to stop obvious abuses to people's privacy. It seems that most overreactions are due to ignorance of the system behind the law or to make some kind of political statement.
As a proponent of North American small businesses to just stop doing business with the EU my motivation doesn't stem from the ignorance of the system rather the knowledge if it: the fines will be issued by the relevant authorities of each and every EU state according to their own interpretation. Certain countries might see this as a neat little cash grab opportunity.
The ICO is extremely reasonable and personable in my experience.