And although reconsideration of the SHVERA wouldn't need to take place until 8 December, 2009 (I think), it is only really needed for the distant networks (including signficantly-viewed) and the superstations. Local-into-local retransmissions do not expire.
I remember reading somewhere that the copyright office, which maintains some kind of control over the distant network process with respect to gathering fees, is actually proposing a free-market rate fee. If that is the case, then the entire issue becomes a bit more moot, as the price for distants would indeed go up.
So think about it. By December, 2009, with more and more digital (or HD) markets coming online, the SHVERA will only benefit those DirecTV subscribers without HD being rebroadcast, and Dish Network customers on superstations. It is assumed DirecTV will lose a lot of distant network customers on 20 February, 2009, when the analog cut-off occurs. The digital-only provisions of the SHVERA will then take effect, and a majority of the nation will not get anywhere near qualifying for the distant network feeds anymore as DirecTV will be rebroadcasting a local network in digital/HD.
Unless Dish Network is able to get something rewritten back into the law which will allow them to sell distant networks again, this legislation will simply extend the license to sell the superstation package.