Yes, that is the way I read it as well. Except that the 1500 hours is the minimum REQUIRED by Congress... the FAA administrator MAY modify the minimum hours but to NO LESS than 1500---so it MAY be more if the FAA determines it should be.....

Duty Times Rest Rules etc. shall be modified by a NPRM by the FAA beginning with a notice of the proposed rules 180 days after enactment of the bill (ie Obama signing) with a final rule 1 year from signing. This will also include rules on COMMUTING.

ATP will be required of all 121 pilots at the 3 year point from enactment of the bill... the ATP will also require appropriate multiengine time "as determined by the administrator". (121 pilots currently flying without an ATP will have 3 years to get the ATP)
Additionally, the requirements for an ATP will be amended to the following:

(b) Minimum Requirements- To be qualified to receive an airline transport pilot certificate pursuant to subsection (a), an individual shall--
(1) have sufficient flight hours, as determined by the Administrator, to enable a pilot to function effectively in an air carrier operational environment; and
(2) have received flight training, academic training, or operational experience that will prepare a pilot, at a minimum, to--
(A) function effectively in a multipilot environment;
(B) function effectively in adverse weather conditions, including icing conditions;
(C) function effectively during high altitude operations;
(D) adhere to the highest professional standards; and
(E) function effectively in an air carrier operational environment.

(c) Flight Hours-
(1) NUMBERS OF FLIGHT HOURS- The total flight hours required by the Administrator under subsection (b)(1) shall be at least 1,500 flight hours.

The final rule for pilot requirements shall be issued 36 months from the date of enactment. (The flight hour requirement CAN be reduced by academic training as determined by the FAA administrator)