Here's the best run down of what's really happening according to snopes.com (the site specialises in setting rumours straight with actual facts). The field will not be entirely wide open. They are considering allowing "leeway for fleeting non-repeating moments of frontal nudity and profanity". http://www.snopes.com/politics/sexuality/fccban.asp
I don't exactly know what that means. If you have a naked woman come on screen and then leave, that would seem to qualify as a "fleeting non-reapeating moment" (they need to define the unit of time known as a "fleet", otherwise how will people know what "fleeting" is). I also don't know what "leeway" means. I guess it means they won't automatically be fined. But of course that also means it's still a gamble, because unless it is well defined, you're leaving it up to the FCC's arbitrary discreation (and of course shows like Gray's Anatomy wouldn't be fined, while other "lower-brow" shows probably would).
It almost sounds like the FCC is keeping it purposely vague, probably so they can push their weight and authority around more and decide for themselves who's a "lawbreaker" and who isn't instead of letting the law make that determination.