Actually, the President *had* that power already... What this added was the ability to call out the National Guard in periods of emergency (for example, Hurrican Katrina, when the Governor said everything was alright even though it clearly wasn't). The actual text of the bill
That having been said, this legislation is heinous... it's sad what can get passed now... and how long it will take to rid ourselves of these changes.
On an only barely related rant... what ever happened to even trying to display a semblance of unbiased reporting. I don't want my news reported by a High School drama student, so I could do without such phrasing as "a stealth maneuver", "one cloaked swipe of his pen", "equally odious Military Commissions Act", "an ominous assault". Partisan reporting, like this, is why conservatives can comfortably point to all liberals as zealots and anti-Bush lemmings...
This type of crap is hurting the cause... and it flat out pisses me off. It pisses me off just as much when it happens on the other side, don't get me wrong, but if you want to initiate change, Chicken Little-ing all over the place isn't going to help. Straight reporting the facts and letting the reader see how miserable things are will.