Well, it is a start. It looks like electronics with lead components inside (and thus inaccessible to children) will be exempted. Also, wool, cotton, gemstones, and pearls are included in the exemptions proposed today. Why they didn't include wood, I can't imagine.
This still leaves many questions, particularly those regarding component vs. whole item testing. As it stands, exempting cotton allows me to sell one style of mei tai (with no drawstring) but not the other style and not slings.
Still, it is a start. I'm glad that the CPSC is listening to the concerns, and I hope that in the next month it will make the rest of the needed changes. Please, keep contacting your representatives: