It doesn't declare a constitutional right to marriage equality, but it does sure take away most of the financial discrimination, with same sex couples now getting the same federal benefits.
As one comment I saw mentioned, next year will probably be the only year in which a number of couples will be THRILLED to fill out their tax returns.
The Prop 8 duck is a bit murky, but it looks like the general feeling in California is towards reinstitution of same sex marriage licenses.