Only good news is Commerce is running it. Of all the government agencies that might get tasked with this, I trust them the most. NSA, they make very good and secure products. But trusting them? Eh, after Stellar Winds, no thanks. DHS? They have neither the competence nor trust.
I'll wait and see. I don't see this getting off the ground. OpenID is floundering, sorta, and they are a lot more trustworthy.