While the LPFM system has been modified drastically from the original proposal, the FCC has voted in favor of establishing a Low-Power FM service in America!
Kennard voted Yes, Ness voted Yes, Tristani voted Yes, Powell voted partial No, and Furchtgott-Roth voted No.

We must wait for the official documents on this vote for the full rules and regulations, but here are some notes captured from this morning's historic meeting:

LFPM would be a non-commercial - educational service with only core regulatory requirements.
There would be two classes - LP100 and LP10.
LP100 = 50-100 watts with maximum height above average terrain of 30 meters, estimated 3.5 miles service radius.
LP10 = 1-10 watts with maximum height above average terrain of 30 meters, 1-2 miles service radius, LP10 would be granted after initial round of 100 watt licenses.
There will be no LP1000 as it was determined to not be in the public interest.
LPFM broadcasters must protect all existing stations from interference and city-grade signal of any new or modified full-power. LFPM would have no protection outside city grade contour and must accept interference from new or modified full-power. The FCC would do away with 3rd adjacent channel protection and LFPM would have no protection from interference.
The FCC would prohibit ownershop by any current broadcaster or other entity with attributable interest in any media subject to ownership rules.
Locally = for first 2 years only local entities can hold licenses and only 1 station in any community.
Nationally = a 1-license cap for first 2 years, after this a 5 station cap and then after 3 years a 10-station cap on ownership.
Local chapters of national entities can own stations that would not count towards any limits of the national organization.
Same charcater qualifications as full-power.
Illegal broadcasters would not be allowed to own LPFM stations unless they ceased broadcasting when first notified of illegal station.
Electronic filing for licenses with estimated start of accepting applications in May. Applicants would have a 5-day filing window with a 30-day advance notice.
No auctions since it is non-commercial - educational.
In cases of mutually exclusive applicants a point system for broadcasters weighted in favor of applicants most likely to serve local needs would be used with 1 point for at least 2 years of community presence, 1 point for longer hours of service, and 1 point for 8 hours of locally-originated progamming. Voluntary time-sharing and successive license terms would be tie-breakers.
Eight-year licenses (same as full power).
No transfers of licenses.
Must keep political rules and files.
Same rules on indecency, obsecenity and sponsorshop identification.
No in-studio rules, ownership reports or public inspection files.
Must pass along Emergency Alert System messages but not encode them.