I'm really not sure how this will play out in normal worship, but it has been implied that it might give a little more freedom to Chinese members who have not been allowed to meet as a congregation. We do not proselyte in China, and we are careful to obey their laws concerning this, but there are chinese citizens who have joined the church outside of China, then returned home.
It is interesting that Jon Huntsman, who is the present ambassador to China, and is LDS, and a former Taiwan missionary, was not part of those negotiations. This came about because of a 30 year relationship we have formed with the chinese government. Our church has had the opportunity to do many service related things in China, and I think the Chinese government has learned that we can be trusted to "come in the front door, not the back".
What this means to me, as a former Taiwan missionary, is that we are one step closer to the church being able to proselyte in China. That may not happen immediately, but we have hope that in the future we will have that chance. I know the chinese people are hungry for religion, and we hope to be able to take the restored gospel of Jesus Christ to them.