Reposting a comment from an earlier Hacker News thread on this issue:
The good news is that purchases made with a credit or debit card will be exempt from this requirement. However this requirement is still likely to be a huge pain for me at least because I use PayPal for a lot of vendors for totral purchases over $600 in a year.
The IRS is accepting comments on this requirement at http://www.irs.gov/newsroom/article/0,,id=225029,00.html