I'm not too worried.
The whole exercise is going to be comprised of nibbling around the edges to shore up his liberal anti-gun base that he hasn't completely abandoned them on the issue, while not actually doing anything too significant to make gun control into a (losing) issue in the 2012 race, like the AWB made the '94 mid-terms a landslide for the GOP.
Sounds to me they want to shore up NICS with the information that's already supposed to be in there, but has gaps, and then call it a day, using flowery language to make it seem like a bigger deal than it is. Perhaps something a bit meatier, make legislation, then blame the Republican House for blocking it.
I see a very slight chance he might surprise us and do something really irritating through the BATF, or Executive Order, but the way everything's going post-Heller, he'll lose in the courts most likely, if he doesn't lose even faster on the Constitutional separation of powers issues first.