I admit I haven't had time to read the proposal sufficiently to understand all the implications (only 3-4 times!).
My initial impression is it's a mixed bag.
I can understand some of the reservations expressed, yet it also has much to commend it.
I think the idea of prioritizing who gets the limited H1B numbers is a good one, particularly the idea of those on higher wage levels having a higher priority.
There's also a nice section mandating that past, present or future employees have the right to their non / immigration paperwork within 21 days of making a request to the employer for it (Section 122).
The requirement that employers have to provide proof of paying previous H1B workers is also a welcome step.
It's probably academic though, since it has little change of passage IMO. Maybe it will be attached to another Bill, if it comes up for a vote.
On a completely different note, it's very disappointing to see that USCIS have said that, for AOS applicants, the Final Action Dates will govern the ability to file an I-485 in December. That's an effective retrogression of 2 years from the 01JUL09 that is in effect for November.
http://www.uscis.gov/visabulletininfo