What would happen if behavioral targeting was regulated?

According to this story today in the Wall Street Journal, AT&T is being asked by Congress whether they use behavioral targeting, and there is mounting pressure in Congress to potentially regulate use of data in internet advertising. While I certainly share the concerns around privacy, and I am very jealous of my privacy, this is one of those cases in which legislation aimed at protecting consumers may end up hurting them.  I think that today’s consumers expect to be marketed, and assuming that personal information is protected, they actually benefit from having advertising that is relevant to them served to them.