A colossal mistake if passed and dependent on sole source technology, the current encoded ammunition scheme being pimped by the technologies sole patent owner is (who stands to make a fortune if this is passed), I hope, doomed to failure. This doesn't mean we can relax though. We need to keep hammering on this with our elected representatives until the threat has been squashed.
Jerry the Geek of Cogito Ergo Geek has a great roundup of the whole encoding mess. Go read!