The US space industry is at a critical juncture right now. The best crop of private space firms we've ever seen is out there now; from a funding standpoint, a technical maturity standpoint, and from a drive to make space routine & affordable standpoint. That being said, the government has the power to either foster them or chill the environment they are operating in and potentially kill them off (as has happened more than once in the past). For this industry to really take root and get strong enough to achieve routine & affordable space they need to get through this juncture where most people have difficulty seeing a future that is different from massive, expensive, apollo style nasa and to a place where they can see there is a realistic chance space can be more like the aircraft/airline industry. Investors don't invest significant money in long time horizon ventures that will pay back *if* the government doesn't compete with you *and* a market happens to materialize as expected. They want to see that someone else is already making money before the cash floodgates truly will open. These first few companies are crucial to demonstrating the business case for the rest.
Unfortunately, this means it is critical for the government to not directly compete with the fledgling industry (for things that industry can reasonably be expected to do) (the Ares and Orion programs for example) and for certain restrictions (like ITAR), which prevent the this industry from being competitive and being able to self fund things in the future, to be removed as impediments. If the government can also serve as an early anchor customer until the market demand for lower cost access to space kicks in, that is a bonus which helps to accelerate things. The president has already signalled his willingness to make sensible changes to ITAR, so now the other half of the equation needed for success is to kill the massive pork ridden constellation program and refocus nasa on doing real science and exploration again (and at the same time making it a customer for off the shelf industry provided products and services).
This bill does that. It's most significant contribution to a brighter future isn't what it funds (the Commercial Crew initiative for example) but what it does not fund (Constellation). Killing the most egregious pork siphon the NASA budget has ever seen is the first step in saner NASA budgets in future years. Did this budget do everything that should have been done to refocus NASA productively? Not by a long shot. You can read more about the downsides here:
http://restorethevision.blogspot.com/search/label/Not%20So%20Great%20Compromise
But it does do the one thing that sets the stage for a healthier trajectory going forward...it kills Constellation and clears the decks for a healthier trajectory to be set over the next few years. That much pork was not something congress wanted to part with lightly and had it managed to hang on to a significant portion of constellation, we may have been looking at another 30 years of nothing much happening just like the last 30, only in this case the impending budget crisis over social security would eventually squeeze the space program down to nothing.
So when evaluating this budget, look at it for what it will enable long term, not what the specific line items mean in the next year.