On the Reason blog, a look at the actual text of the “compromise” to not require a background check for personal sales:
[T]he bill requires that all sales at gun shows be handled by federally licensed dealers, who are required to conduct background checks no matter where they sell firearms … The bill imposes the same requirement on all sales “pursuant to an advertisement, posting, display or other listing on the Internet or in a publication by the transferor of his intent to transfer, or the transferee of his intent to acquire, the firearm” (emphasis added).
So any internet posting transaction would have to go through an FFL. What about that “friends and neighbors” clause that would let you sell and trade guns with people you know? Instead of a broad allowance for transactions for non-commercial purposes, the text of the bill has a creepily specific list of relationships through which personal transfers are allowed. Here’s a taste: “… between siblings or spouses of siblings, or between grandparents or spouses of grandparents and their grandchildren or spouses of their grandchildren…”
Read the Reason article for the full insanity, but realize that this bill, the way it is drafted, could not be more different in tone and wording–with its specific allowances for exempted relationships–from the Second Amendment, which suffices with a simple “shall not be infringed.”