Guys, the bottom line (assuming you don't go on vacation outside of Canada for more than 2 weeks and you've been a temporary worker/student here for the past 5 years and just got your PR, as the majority of us here) - with the current act, you would need to wait 2 years (as a PR) plus 2 years (processing time) = 4 years. With the proposed act, we would need to wait 4 years (as a PR) plus 1 year (processing time) = 5 years. So basically the extension of wait time is only 1 year... Is it a big deal?
The proposed act probably discriminates against super-wealthy people from non visa-exempt countries that want to get Canadian passport and travel around the world (using their mommys and daddies money)... I personally don't care much about these people.
The bad thing - the cost of the process will probably triple for us...
Ultimately, of course this act will worsen our positions but not to the degree of the end of the world - just try to look at the glass as half-full, not half-empty!