Reversing a decision only after costumers leave you in droves doesn't show your trust worthy. They either didn't understand the bill (in which case they shouldn't write a letter supporting it), or they are only changing now waiting for the bad PR to die down. If you have domains with them it is still worth switching to a company that will always publicly support freedom over oppressing peoples views to attempt to prevent some IP infringement. The rights to freedoms are more important than the rights to absolute control over corporations IP.
There is no way they didn't understand the bill. They fully understood the bill and probably were vying for a way to benefit from the bill. Everyone understands how bad this bill is for the Internet, unless someone has something to gain from it.
GoDaddy must have had something either legal or under the table that would benefit them immensely if they supported the bill.
