If you own a drone already or expect to own one by 12/21/15, and it weighs between 0.55 lbs and 55 lbs you will need to register it with the FAA by 2/19/16. See the full article here.
As a private pilot I can understand and appreciate why the FAA is doing this. The last thing a pilot wants to see when coming in on final is a meter wide drone flying in his or her flight path. Hundreds could be killed in an instant if a drone gets sucked into an engine on a 747.
Also, registering drones should hopefully help curtail the amount of voyeurism that will inevitably occur with this technology. We are already hearing cases of it happening today. Undoubtedly we will see a lot more, but at least by registering the drones there will be a better chance of locating and bringing to justice the perpetrators.