The announcement today of these changes taking place from July next year and leading to an initial round of sponsorships in January 2013 is being clarified by DIAC in seminars being held around Australia at the end of May. Until then it's too early to speculate on just how the system will operate other than to say that it will drive more people towards employer sponsorship.
The FAQs for the changes, impenetrable as they are, are here: http://www.immi.gov.au/skilled/gener.../model-faq.pdf . I imagine that the model of lodging a structured CV is going to lead to many verification problems - again, the devil will be in the detail.
And in the meantime, orderly processing of GSM applications continues - most people planning to apply should be able to lodge before the changes take effect, and after that date it will be necessary to lodge your EOI and pray.