The thing that bugs me about this attempt at reform isn't so much what they have done, but what they HAVEN'T done. There's things to like in the new standards, for sure. The math standards seem pretty decent (without studying them closely I can't say for sure; I wonder if possibly we're going TOO easy on our kids, I'd like to assume our kids can be smart if we push them and make some basic level of calculus-type mathematics part of the standard). The english standards are a bit harder to follow because they are categorized weirdly, so I will admit I am not too sure what is in there, so the following rant maybe should be taken with a grain of salt.
I think these standards are missing an important question -- why are THESE the important topics we should focus on? As an educator myself, teaching fresh-out-of-high-school students up to 40 year olds returning to school, the major thing I see across all age and economic groups is a lack of understanding of basic LOGIC. Without a good grounding in logic, in being able to make logical inferences and spot fallacies, it is extremely hard to talk mathematics with these people, because they simply cannot follow a train of logic. It bewilders them, and they either give up or they start to believe it's just "magic formulas" that I made up and have no grounding in the real world. 'I just memorize and pass the class so I can move on with life' is their mantra, because they think the subject is a waste of time, because they do not understand how it works. But that's sad because logic is the basis of mathematics, which has tremendous influence on most of the sciences. It's all logic! And it will also help people more so than learning quadratic equations, as it will help them spot fallacies in politicians' arguments, and prepare them for more knowledge-based jobs in the new economy -- network engineering, programming, electronics troubleshooting, etc. It's all logic. I try my best to add some basic logic skills to the math classes I teach to help people out with this, and it seems to work -- I have had consistently good reviews, and many students tell me they really appreciate the down-to-earth-ness of explaining why the formulas work and what they are doing. People are not stupid, they just don't know any better yet, and throwing upper-level concepts at them before they are ready is counter-productive.
tl;dr: If logic is not a part of this standard (which AFAIK, it isn't, I've certainly never heard anyone mention it and the website gives no easily-spotted indication otherwise), then I think the new standards are entirely missing the point of a reform.