The Obama administration announced it would implement a modified DREAM Act. Here's the relevant info:
According to DHS, eligible immigrants will now receive “deferred action,” which essentially means a two-year reprieve from deportation along with a permit that allows them to work. The deferral will be available to any immigrants who came to the United States under the age of 16, have lived in the country continuously for at least five years, and are currently in the country. They must be currently in school, have graduated from high school, have obtained a general education development certificate, or are honorably discharged veterans of the military or the Coast Guard.
It's a step in the right direction, but when you boil it down, it simply means you'll be deported later rather than sooner. I suppose a glass-half-full view would that there would be enough to support to pass the DREAM Act within two years, thus making deportation moot.
I don't see this as enough to boost Latino political participation in the November election on its own. However, if Mitt Romney and other Republican leaders make a point of railing against it, it could well help Obama at the margins. The problem for Obama is that he's made so many promises on immigration and immigrants that have not panned out.
Update: Roque Planas told me via Twitter that DHS mentions it is "subject to renewal." No more details than that.