Seems to me like exactly the outcome the initiators of the law desired. Make an obviously absurd first draft, "tone it down", get it passed and everybody's praising them for their moderation. Meanwhile, it's exactly the "large online news websites" that were targeted.
I think it is a victory for Wikipedia, but remains a serious blow against press freedom in Italy.
I suppose the next closest might be convincing people to mass-blank their tumblrs, but that has a certain collective-action-coordination problem.