Wow, thats a great news. Greencard cap (Employment based) will be tripled for next 10 years once the Immigration Reforms Bill becomes law.  

"S. 2611 would essentially triple the current green card  cap (“immigrant visa cap”) for employment-based green cards (to 450,000 annually for 10 years) and double the number of family-based green cards (to 480,000 annually). " http://rpc.senate.gov/_files/L37Immigration051506LB.pdf

That would reduce the waiting time for the current applicants and new alike. Time to get it started if you are planning for. Have a look at the current processing times for Greencards, you would have an idea of what is current waiting time. It sucks. If you file on EB2, it takes about 3 years, and on EB1 it takes around 5 years.

Employment-   Based	Other Countries	CHINA-mainland born	INDIA	MEXICO	PHILIPPINES
1stÂ	C	01JUL05	01JAN06	C	C
2nd	C	01JUL04	01JAN03Â	C	C
3rdÂ	01JUL01Â	01JUL01Â	08APR01	22APR01	01JUL01

Check the latest here. http://travel.state.gov/visa/frvi/bulletin/bulletin_2924.html

Tags: immigration, greencard, india, china