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Unfortunately, the press releases are PR fluff. The EU's publicity guys don't work any differently than those of any major corporations.
I know parts of the AI act and may be able to answer questions about particular aspects.
Off the top of my head: 3 general problems.
It is simply a mistake to regulate software based on how it is made, rather than what it is used for. EG They ended up regulating chatbots in the same act as mass surveillance. I don't think that helped, either. Hard to say for sure.
They ended up doing a lot of bad micromanaging. The training data for "high risk" AI must fulfill certain conditions. This is certainly going to increase costs, but it's unclear if it will lead to any improvement. The sane thing would have been to define the desired performance. It's a typical problem. People without technical knowledge demand things to be done a certain way, because they figure it will get them what they want, instead of saying what they want.
Finally, there's the interference of existing industry. The copyright lobby got some stuff in there, that may or may not enable them to extract some free money. It will certainly harm European citizens by making development much harder than it needs to be.