Just to add to what bkdavy posted:

As noted above the House still needs to act. They have a similar bill pending but it lacks any mention of model aircraft. I understand that work is being done to include a similar amendment to the house version, but that has not happened yet.

http://www.opencongress.org/bill/112-h658/show

http://thomas.loc.gov/cgi-bin/bdquery/z?d112:h.r.00658:

http://thomas.loc.gov/cgi-bin/query/...JjBFz:e171795:

Hopefully the provisions for model aircraft survive the reconciliation process where the two bills are merged into one law. Time will tell. But look at the House version. It essentially directs the FAA to do pretty much what they are doing now, write regulations to govern the use of sUAS in the NAS.