New Immigration bill does what?

Hard to tell.  The bill is long, hundreds of pages, all written in a foreign language (legal gobbledegook).  The best summary I found was this Reuters article.  It seems like a balanced discussion to me, Reuters has a good reputation for impartiality going back a century or so, and being British, is less likely to take sides in a purely American issue.   And, many, if not most, of the other articles on the web quote the Reuters article or are clearly based upon it.
  So what will this immigration reform bill do?
1.  Create a path to citizenship for the 11 million illegals already in the country.  It's a fairly demanding path.  Immigrant must have a reasonably clean criminal record, must become reasonably fluent in English, must attend civics classes, pay substantial fees, and probably more.  And spend some ten years on the path.  It will take serious motivation to stay on the path for that length of time.  I'm confident that any illegal who stays the course and gets naturalized will be a willing and loyal citizen of the US.
2.  Give the secretary of Homeland Security broad powers to waive problems with an immigrant's criminal history.  Pretty much, if the secretary is OK with the immigrant's record, he gets in.
3.   Revise immigration policy from the current family ties policy to a merit based policy.  Immigrants (all immigrants) will be given points for college degrees, valuable industrial experience (machinist, technician, computer programmer,etc) fluency in English, and again, probably more.  The idea is to favor immigrants who will contribute to the American economy, rather than the current policy that favors grandparents and siblings of US citizens.
4.  Provide $150 million in funding for immigrant advocacy groups to inform potential immigrants of  their opportunities and to assist them with the paperwork.
5.  Labor unions and the Chamber of Commerce have wrangled over the guest worker and H1B visa provisions and are reported to be happy with them. 
6.  Probably a lot of other stuff buried in the hundreds of pages of the bill.  Who has the energy to plow thru that much gobbledegook?
7.  Congresscritters have a couple of days left to slip their favorite goodies into the bill, so we won't know what's been done to us until they do it.   

From what Reuters has published, it isn't a bad bill.  It would be a better one if they boiled it down to 20 pages, in English and published it so we really knew what we were getting into.