Well, the NRA, as a corporation, isn't free to do what they want during the blackout period. I'm a member of the NRA (or at least I think I am, I need to check my status) and part of the reason I pay my dues is so that they can promote proper candidates.
They're now limited in that function. This is why they spawned the "NRA News" branch of the organization. IIRC they get some journalist protection with that, shielding themselves from McCain-Feingold.
It also places limits on how much I'm allowed to donate. I don't like that. I'm not in any danger of hitting that $2300 limit right now, but I might be some day. Further, with the precedent set, what's to say that the limit won't be $100 later on?
Finally, when it was passed there was a pretty big hub-bub in the blog community on what actually constitutes a campaign donation. As I understand it the law is written rather vague and it is only because the FEC doesn't want to mess with the blog community that they're not trying to interfere there at all. If the FEC ever affixed a dollar value to blog postings, mass emails, or even board postings we'd see a serious infringement on our 1st amendment rights. Yes, it's far fetched, but the FEC is under control of the Executive branch. Placing a fellow that's all for restricting political speech, based on cost, at the helm seems like a really bad idea to me.