Excellent news.
I'm particularly happy that the license will apparently be a free license, and not require registration with WotC if you don't use the D&D logo. I was (I admit) pretty certain that it would impose such a barrier to entry, at least registration if not actual fees.
My fears are not completely alleviated as I'm still leery of STL-like terms, but I'm now fairly confident the license will allow entry for individual fans or fan groups in the future, which was a huge concern for me (I'm thinking of the entry of people that aren't a business, at least initially - like the folks of Inner Circles Games, Dreamscarred Press, and so on - I enjoyed their products, and only a free license could allow me to enjoy similar innovations in the future).
I doubt the GSL will satisfy my personal desires, but I certainly think it's looking good from what little information WotC released regarding it.