Text of amendment is here:
http://www.gpo.gov/fdsys/pkg/CREC-20...1-3.pdf#page=3
The law would grandfather existing magazines for possession; but you would be unable to transfer them to anyone. Also the .22LR exception only applies to tubular magazines. 10-22 owners are still hosed. Also requires all new mags to be serial numbered - great paperwork joys for military and LE I'm sure.
I agree it is unlikely to go anywhere; but the best way to make sure of that is for Senators to hear from us. A swift powerful response here reminds them we are not sleeping and should keep them focused when the UN treaty rolls around as well.