It won't sunset until September 13. Theoretically, a bill re-enabling it could be passed and signed before then. I don't consider it likely.
What I do see happening is the gun-grabbers finding a friendly judge who will declare the sunset provision unconstitutional. Of course, the expected (by the RATs) RAT sweep of all elected offices means they can pass whatever they want on January 21.
Realistically, even if the bill sunsets, I expect BATFE will arbitrarily deny import licenses anyway, just as they did under the klintons. I have my eye on some of the new H&K and Russian stuff, but don't expect them to ever be approved for import, even with Bush as president. Some people figure it's not worth fighting the "little" fights like this.
I suppose it would be too much to ask to have that fargin' "Sec. 922(R)" or whatever the bakshi is keeping me from putting a for-real folding stock and a coupla detachable 20-rd mags anywhere near my SKS done away with...