I don't participate too much here, but I've never see a group implement a code of conduct go well.
Yeah, personally I'm a bit worried about this too. The proposed CoC does contain provisions to try to prevent misusing it, but whether those are strong enough remains to be seen --- and it'll depend a good deal on the judgment of the committee members. We have a provision in there for periodic review of the CoC, and it'll be important to adjust it if we see abuses.
A community that has an exceedingly reasonable and popular CoC is Ubuntu:
A community that is the most successful open project in history and didn't need a CoC is the Linux kernel project. I'd say we more better resemble the later than the former.:-)