It will naturally get a lot of flack and a few people/companies will make it their scapegoat as to deflect from them as usual, but that's - sadly - almost normal now.
Is it all good: no!
Is it a good start: yes!
Is it IMPOSSIBLE to comply: heck no, I'm working at a small Austrian company and we had to change almost nothing, as lo and behold, we have no desire to be a data kraken and tried to held the privacy of our customer and users always on a reasonable level. As we'd wish that others do with our data and use of service...