The Senate has yet to act, but the administration may be signaling its intent to veto this bill. Dale Carpenter's take, at The Volokh Conspiracy:
Andrew Sullivan, who like me opposes hate crimes laws as a general matter, complains that Bush's [expected] veto of this bill represents a double-standard under which gays are just about the only commonly victimized group left out of the special protection federal law already provides....
The problem with this criticism, however, is that the bill does much more than simply add "sexual orientation" to the existing federal law on hate crimes passed in 1968.... The bill considerably expands federal jurisdiction over hate crimes in general, for all categories, by eliminating the current requirement that the crime occur while the victim is engaged in a federally protected activity. That jurisdictional limitation has kept federal involvement very limited in an area where state authority has traditionally reigned....
The veto of an amendment merely adding sexual orientation to existing federal law would pretty clearly reflect an anti-gay double-standard. A veto of this much more comprehensive bill does not.
Log Cabin has a different view, praising the bill and noting its bipartisan support. (Aside: why is Log Cabin still unable to post a press release on its website the same day they email it out far and wide?)
And Jamie Kirchick weighs in.
An emerging federalist consensus: The bill raises a number of concerns, none of which seem central to its opponents on the anti-gay right to whom Bush may feel he needs to pander. For them, the key point is not the expansion of federal jurisdiction; it's gay inclusion and terrors relating to the normalization of homosexuality.