200.3 c 2 is nice and clear:
(c) Exemption from licensing requirements. The following Persons are exempt from the licensing requirements otherwise applicable under this Part:
...
(2) merchants and consumers that utilize Virtual Currency solely for the purchase or sale of goods or services
Yeah, this is key. The regs overall basically formalize, into a Virtual-Currency specific charter, what is already required to comply with existing AML/KYC/BSA regs for money-transmitting/exchanging businesses. Thus, the uncertainty is removed, but nothing *really* changes; however, the explicit assurance that consumers and merchants are free to transact without regs is huge - that's really the only avenue a western gov would likely use to attack/constrain bitcoin, so the explicit carve-out is very nice.