The Heritage Foundation has done an excellent analysis of the Immigration Bill.
The most controversial component of the Senate's Secure Borders, Economic Opportunity and Immigration Reform Act of 2007 is Title VI, euphemistically entitled "Nonimmigrants in the United States Previously in Unlawful Status." It would create a new "Z" visa exclusively for illegal aliens. This title would change the status of those who are here illegally to legal, essentially granting amnesty to those "previously in unlawful status." This seriously flawed proposal would undermine the rule of law by granting massive benefits to those who have willfully violated U.S. laws, while denying those benefits to those who have played by the rules and sometimes even to U.S. citizens.