It is good and bad...depends on each persons situation.

First are you a US taxpayer...

If yes, then it depends on whether you mine or buy/sell.

Buy/sell are easy.  If you by at one price and sell for another you have a gain/lose of the difference.

If you mine then Q8 of the release applies; then I read it as the IRS thinks we should realize the gain when "mined" based upon some exchange price.  This is nearly impossible, since each pool pays a tiny fraction of a bitcoin with each block solved.  Most pools don't keep exact enough records to know when each tiny fraction of a bitcoin was paid to each user.  I only know when I sent the accumlated tiny fraction to my personal wallet.

Does anyone see it differently?