According to Lower Hudson Online, the agreement still makes it a felony to sell "violent and obscene video games to minors." The bill would also have manufacturers equip game consoles with parental control settings (already available in the newest consoles) and retailers would have to label violent and obscene games (already done with the ESRB, though this bill reportedly requires another sticker).
If the bill, which Vicarious Visions called troubling in an Albany Times-Union op-ed, passes in July, expect the Entertainment Software Association to go after the bill with the First Amendment. And so far they have a pretty good track record.
[Thanks to everyone who sent this in!]