This bill does not impinge on any more people than currently fall under the law. It forces the states to computerize their records so the NICS work correctly and honest citizens can have no delay in purchasing a firearm. It also allows for those classified with mental disorders to restore their rights, something that was not easily accomplished before this bill.
If you believe that the states will restore rights immediately you might want to read this Grief Over Gun Permits; Delays In Renewals, Appeals Lead To Suit [CT]. Make sure you go to the source and read the whole article. A guy in CT had his permit revoked and even though the charges against him were dropped leaving him with a clean record, he's going to have to wait until May of 2009 to get a hearing to get his RIGHTS RESTORED!!! So much for being just a matter of sending a letter to the state!
You get the government you deserve.