My thoughts:
1) Today's announcement is going to be just about principles and policy, with no legislation attached to it. So it will be a while before anything tangible happens. Looks like a move to get President Fox's approval and a better share of hispanic vote in the election later this year. (2000 share of hispanic vote: Bush 35%, Gore 65%)
2) When something does happen, going by Bush's past record, he will open the doors of DOL and BCIS to millions of undocumented workers without giving them enough resources to handle the additional work load. Result: 245 i like scenarios all over again with even longer delays. Like any other political move, this has disaster written all over it for legal workers.
Hopefully all of us will have our EADs by the time anything happens. That's the best I am hoping for, not even dreaming of possessing the green card physically for years to come.