If the foundation decides to take action, the ban would apply to new versions of Linux covered under a licensing agreement due to take effect in March.
Since the kernel isn't changing licenses any time soon, this appears to apply to portions of the distribution that may go GPLv3. However, nothing prevents Novell from forking the GPLv2 and keeping those around.
It's also unclear exactly how the new license will prevent this sort of activity. If it's not crystal clear and the FSF tries to use it to remove Novell's right to distribute immediately, we may see an immediate legal challenge to GPLv3.