The aspect of the law that imposes criminal penalties for hitting a vulnerable road user (a class which explicitly includes cyclists) has already been discussed on A&S, but the news today is really playing up the aspect which makes it a crime for passing too close.
Rather than require 3 feet or any specific distance, vehicles need to cut enough space for the cyclist to topple without getting hit. Among other things, this means that people who buzz cyclists can have a $360 fine slapped on them even if there is no crash or injury.
The law is not a done deal yet, but it looks like it will be passed. This has been a very good legislative year for cyclists in Oregon.