If it passes, it will legalize Online Poker, however there will be a 15 month blackout period for any site that wishes to obtain a legal license (Hello FTP and Stars obv)
So if FTP and Stars shut down for 15 months... is that really a good thing for us?
There's a monster 2+2 thread here: http://forumserver.twoplustwo.com/57/poker-legislation/reid-pushing-plan-legalize-u-s-online-gambling-930754/
I hope the bill passes, since it will make the game we know and love 100% legal, regulated and safe. But 15 months without online poker? Yuck. That means we won't have it again until April of 2012 (according to the current timeline)
Let's see how this all plays out.
-Kenny