It all depends on how it pans out. As a fellow border state resident, I'm pretty well versed on the issues associated herein. Personally, I don't see a problem with granting certain rights to the "good illegals". This is a very benign group of people he's talking about here....brought to the states as minors by their parents, high school degree or equivalent, no criminal record, been here at least 5 years.
Keep in mind that the major benefit of this is that you actually get to find out who's here. All of the eligible people get registered, ID'd, etc.
I also personally don't think that Obama should give them "work permits" whatever that means. All he'll do is set up another (lower) class of people. If they are good enough to be given work permits then just make them Americans.
Like I said, let's see how it pans out.