As has kind of been pointed out here we have four major competing intrests/groups involved with S. 649.
First is the Anti-gunners version from Chuck Schumer that we all know we oppose but is what has been brought up for discussion.
Next is an NRA bill that they have worked with Senator Grassley et al to write, this is expected to be brought forward as an amendment to S. 649 along with several other competing interests. While this does not appear to be a bas bill from what I'm hearing it does not have a chance, but some features could be added to whatever comes out as a final bill.
Then we have the GOA stance which is any bill is bad, not that I disagree but it seems that horse has left the stable with last weeks vote to move forward on a bill. If this bill goes wrong and infringes upon our rights everyone may come running to their position, but it may be too late.
And now we have the Toomey-Manchin bill/amendment that the CCRKBA has been involved in that seems to have the approval of Schumer (making it a friendly amendment so it has a lot better chance of being adopted than the NRA bill/amendment). Before commenting too much I request that folks read the proposal for themselves, it is available in its entirety here:
http://www.weeklystandard.com/blogs/posted-full-text-public-safety-and-second-amendment-rights-protection-act_716249.html LINK FIXED- ADMIN
Where this is going it is still too early to tell, but it looks like the Toomey-Manchin bill has a chance. From reading the bill it also does not appear that it will harm us and will in fact protect us. I do have questions on the gun show portion on how it would be implemented but it sounds like any private sales at a gunshow (or over the internet, but only at these times) would need to go through an FFL. The internet sales already do (at least if it is over state lines), and it does not appear to be a major hurdle for those selling a gun that they privately own at a gunshow.