Due to the colossal complexity of the industry and the law, as well as agency budget cuts and opposition from Wall Street, we still don't know what exactly the final form will be; regulators and Wall Street are still hashing out many of its details.
My take, from what we do know, is that the law will make the financial system safer, though -- as the series of scandals in just the past few months has shown, from MF Global's astonishing collapse, to JPMorgan's massive sudden trading loss, to the LIBOR interest rate rigging -- there's still plenty of work to be done.
Here's a handy summary of some of the major parts of the law and their progress.
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