EFF is a great organization, but I'd rather see them get behind NoScript than create another program.
I'm not sure the two really fulfil the same goals exactly, just like Privacy Badger and AdBlock aren't the same thing either (though AdBlock could certainly benefit from Privacy Badger style restrictions, rather than just flat blocking of all ads).
Still, it's great to see someone actually attempting to introduce consequences for failing to respect Do Not Track, as it's really something that should have been part of the proposal to begin with. While the plugin seems fine, I'd really like to see browsers implementing this directly.
For example, Safari (currently unsupported anyway) now has the ability to stop animations, movies etc. that don't appear to be important, which generally works quite well to prevent disruptive advertising. Using the same detection they could also determine which content should or should not be allowed to track the user, and remove the content entirely if it keeps trying to even though DNT is enabled.