I asked about this at a local store in Tulsa. They didn't think it would speed things up very much if at all. They said maybe 6 months instead of a year. I guess only time will tell.
Even if it reduced the wait time to 6 months, that is still pathetically slow processing. There is no reason that a form 4 should take more than a month to process.
There was talk about a law being pushed to speed up wait times. The proposal was that if it took the ATF more than 3 months then your stamp would automatically be approved.