I don't see why it can't apply to traditional media. IMO it's just as relevant an issue for traditional media as it is for the internet. As far as the fine and actual rules go, it depends on the context. In their example of the college student, I do not think he or she should be bound by this rule. They are talking about a college student maintaining a personal blog (probably) for the enjoyment of it. Getting sent a free console/game (from what I understand, a relatively common practice,) should not constitute a violation of this law. They never specified if the student claimed to be an expert or if the group following him or her did. It never specified if he claimed to never accept free software/hardware or if he just never states either way.
It's too ambiguous to cover the very scenario they list.
NOW, in regards to a site like 1up or IGN, I think should be held to such a standard because they present themselves as a source of legitimate information that they provide as a profession. And that's the distinction: they do it as a profession and present themselves as giving honest reviews and information.
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