Dang, beat me to it. Here’s a link to gambling 911s article on the bill.
http://www.gambling911.com/Barney-Frank-Internet-Gambling-Appeal-042607.html
The Act establishes a federal regulatory and enforcement framework to license companies to accept bets and wagers online from individuals in the U.S., to the extent permitted by individual states, Indian tribes and sport leagues. All such licenses would include protections against underage gambling, compulsive gambling, money laundering and fraud.
Looks like more than just a repeal, but more of full on regulation.