I have lived in south Korea for a little over a year, and I know exactly what would happen:
Corporations would get away with more since there would be no anonymous way to speak out against them online.
Corporations would then sue any blogger as if they were a legitimate news organization, and what they wrote was liable by large, massive sums after a long legal battle.
We would have to find another country to go through in order to speak out against anything.
The US government would be able to instantly hold anyone legally accountable for anything said that could be construed to lead to any damage to a person or their property.
Corporations would be able to still anonymously make fake reviews on websites to try to convince you to buy their products.
Identity theft would actually be easier, since your action online would be connected to your personal identity. (Its the highest crime in south korea. Period.)
The RIAA and MPAA would stop making requests to youtube to remove a video that shows 2 seconds over the fair use allowance of a copyrighted material, and instead sue the person who uploaded it in order to intimidate people into not uploading anything even closely related.
Im sure i could go on, but everything except that RIAA and MPAA thing literally happens here on a daily basis.
If Techgage was a bigger operation, South Korea would already have notified rob that any user from south korea must be verified through a true identity check before I could post here, which would be at Rob's expense. Something similar would happen back home too.