This has been discussed on the local radio (I'm in Iowa, where farming related news makes it on the mainstream talk radio programs). Their "expert" said he thought it would be like the law that dictates how pesticide containers and the like are disposed of. Technically, it's illegal to dump your empty Round-up
spray bottle in your regular trash, but the government doesn't bother enforcing that law for city-folk. They mostly target the big farms.
Frankly, that doesn't make me feel any better. 1) I think the ones hardest hit by this regulation will be the small, family farms & acreages. 2) The fact that it's not being enforced yet doesn't mean that it won't be in the future. In the case of containers containing toxic chemicals, that's a good thing, but in the case of families who own 1-10 "farm" animals for their own personal enjoyment/food, not so much.
One arguement the "expert" made was that foreign countries are pushing for this. Japan, for example, wants to be sure that they aren't importing beef from sick cows. He also stated that compliance with the "voluntary" reporting would allow small farmers to sell to big companies like McDonalds. Of course, he failed to mention that it would be an unnecessary expense for those who have no intention of EVER selling to Japan or McDonalds. Further, places like McDonalds don't even WANT to buy organic, free range beef!