In principle it allows the President to trim budgets and excise parts of bills as he sees fit.
I think this is a mistake.
I think it shifts too much power to the Executive branch and shows the Legislative branch shirking its responsibility.
I am surprised that this has gotten so little air time.
http://abcnews.go.com/blogs/politics/2012/02/house-passes-line-item-veto-budget-reform/