One thing that was reassuring is that the FTC cannot actually levy fines. According to Jane at DearAuthor, it works like this:
The FTC has no ability to levy fines. A charge must be made and taken to an administrative law judge and a cease and desist is requested and provided if the FTC fulfills its burden. If the C&D is ignored, then a civil penalty can be requested for up to $11,000.00.
That's good to know. The idea that the FTC would be going after small bloggers is silly enough; the idea that the same blogger would ignore an official cease & desist notice is ridiculous. But as a commenter pointed out, what the FTC does respond to is complaints. We have already seen instances of disgruntled authors harassing bloggers over bad reviews. I would hate to think those authors had even more ammunition.
Still, it all boils down to a simple disclaimer: My copy of this book was an Advance Reader Copy. That should cover the bases for most bloggers. I know that's logical, but it still makes me nervous.