It has been a while since I have read it but as I recall it empowers state and local law enforcement to enforce immigration law and it compels the Federal government to take custody of or pay the cost of detaining any illegals they arrest. It seems like a pretty good deal.
The Minuteman Project really seems to have awaken people from their slumber about the border.
It seems this has been picking up steam just like the Fair Tax has been (he's a co-sponsor of that too - I love my Rep!)