In the long run, it should be neutral. By making an election under this, it may happen that you recognize some income in earlier years that wouldn't be recognized if you left the provisions to apply as they were as of 2007. That would imply a revenue increase to the government. But there's an offsetting deduction. So you wind up in the same place as if the bill had applied only as of 2007, but you do away with the administrative difficulties of having to re-file for all those years.
On June 7th, 2007. See this statement in context.