Personally, I think the move is significant to the extent that it is likely to change the expectations of the people. It will change the expectations in a way that relies on a notion of democracy that has not been fully worked out, in my view. But this, of course, will be mostly lost, it seems to me.
For example, issues will arise as to whether most of the cabinet members might come from the Senate, issues such as that, or the relative role of the Senate in the House of Commons. It doesn't seem to me that we've quite worked it out, and at the same time, we will most likely change the expectations of the people fundamentally regarding an elected Senate.