The basic summary is: "A YES vote means that, beginning in the primary election of 2006, voters can vote for state or federal candidates (except President and party committee) regardless of party affiliation and that the top two vote-getters appear on the general election ballot."
At first glance, this also seems like a nice alternative to the current voting system, realize this means that fundamentally this means that the top two political parties alone will be represented in final elections.
Amusingly, also on the ballot this year is Propsition 60:
A basic summary is: "A YES vote means any political party that participates in a primary election would have the constitutional right to have its nominee on the subsequent general election ballot."
Which means I have two fights to keep alternative candidates on the ballot.
I'm beginning to occasionally fear that it would be nice to remain ignorant.