They want to license and regulate the industry but there will be a 15 month "blackout" period during which no Americans can play on any of the sites wishing to get licensed (Stars, Tilt and others). After this, for an indefinite period of probably at least a few years, non-Americans won't be allowed to play on these sites. Heck, some Americans won't either if you live in a state that chooses to opt out.
Hopefully in about 5 years time everybody will get to be happy and play poker together again and the good old times with tons of fish will return. Hopefully is the operative word here. The PPA is supporting this bill because they think its worth taking whatever we can get now after years of fighting for anything. Also, if this bill does not get passed, we probably won't see anything happen for a few years given that the Republicans now control the house. Estimates that I have seen put the bill at between 30-50% (flush draw to coinflip) of passing. Verdict is probably coming by late this week.
I am not in favour of this bill at all. I think it is absolutely terrible for the short term in online poker and I am not convinced that it is good for the long term either. I am absolutely all for government licensing and regulation of the industry, but I'll happily take the status quo over letting a bunch of faceless bureaucrats gut our industry from the inside out and hope that it all works out half a decade from now.
That said, if this thing passes I will have to reevaluate things pretty heavily for next year (I'm Canadian). It probably won't be all bad however. Stars will lose an estimated 1/3 of its traffic. This is a huge blow but not a lethal one. After the blackout is up and I get banned from playing on Stars?...who knows.
Lets end on a positive note. Online poker is still clearly beatable. The graph below is my NL25 full ring results since moving up in mid September. Most of my play was 24 tabling at godawful non peak hours as well. My winrate is 2.16 BB/100. 2.4BB/100 when EV adjusted. I dedicate this graph to every anonymous hater on PTR who said I couldn't beat this level. Hi. Also, redlines are worthless. The green line is the only one that matters.