Dont get concerned with the issues, repealing the law is part of it, regulating is the mechinism for repealing. This is what we wanted all the time is it not?
As far as vegas goes, they tried online gaming in the past.. and well they dont have it anymore. They for sure will have it again if they can hit US members, but just like all online casino properties, more competion is not a bad thing. You really think vegas would side-step the affiliate marketing? I dont in any possible way.
Like everyone said, its early and theres a lot to be discussed. I would think the exemptions are not going to stand, ie Sporting stuff and places that offer online casinos, as in Navada should have no chance of not allowing off-shore properties.