Basically the new law would allow you to patent something like "putting large letters in bold describing the text to come below it". You'd know it as a heading and it could probably not be patented. But if someone found a new way with the same basic idea they could get a patent on it. If there hadn't already been made an algorithm to calculate an average someone could patent "adding all numbers and dividing by the amount of numbers" and noone else could use this method of calculating an average.
As far as I heard it's both patenting abstract coding principles as well as business methods.
I can't remember where it was, but there was an american museum's homepage who got contacted by a patent holder. There was a nice mail placed on their page. On the mail was a link to the US patent office with a specific patent which described "dividing a page into 2 parts. One part for the information and one part which allows quick access to other parts of the document, which stays static regardless of the browsing of the text". This my friends is what you'd know as a 2 frame layout, one frame for a menu and one frame for the information on the page.
The mail said that they were infringing their patent by having a menu, and mentioned they were willing to license out their patent so they could continue using the menu for a mere $10,000 a year.
Isn't that nice of them?