I read it saying that the Demagogues retain all their options but provide a meaningless promise only to filibuster in "extraordinary" circumstances. Since we know how freely they throw around the adjective 'extreme' for almost any Bush nominee, it is clear that any nomination COULD be defined by them as an 'extraordinary' circumstance (anything 'extreme' is certainly in some sense 'extraordinary' and they get to make the call).
The big question now, it seems to me, is whether the RINO "sense of the deal" is that THEY too get to make a judgment about whether the Demagogues are correct in judging any particular 'extraordinary' circumstances, i.e, will the RINOs allow themselves to say the Ds were wrong to invoke EC and filibuster a nominee, and that invalidates the whole deal so that the "constitutional option" is back on the table. Unless the RINOs allow themselves that option they have given the ball (at least on judicial nominations) to the Ds for the remainder of the 109th Congress.
Even if the RINOs have allowed themselves that out, it does not make the whole thing any more palatable, for it then puts McPain and friends in control of all judicial confirmations.... they have broken free of normal "party discipline" to a startling degree here, for now the WH will either have to clear judicial nominees with the RINOs in advance, or else risk lacking the votes to meet a D. filibuster with the "constitutional option."
That's how I read it, based on the limited info available so far.
Unless Bush wants to make recess appointments. That would be the thing to do, but they do not want to listen to the base. The GOP is stuck in Washington. I fthey think that this will win them votes they are out of their minds, they may have just lost the majority with this.