IF the act is going to be the same/similar to what is mentioned here - http://www.annahazare.org/pdf/Jan%20lokpal%20bill%20by%20Exp... then I will be very disappointed.

Creating an extra-body which itself can act as the police and be outside of the parliament and be a concentration of power not elected by the democratic process would be the wrong way to go I feel.

I feel the people have good intention behind coming up with this act, but that alone doesn't mean that this law is the right thing to do. We are trying to solve the symptom and not the disease. Corruption is just the symptom created by the way our society and culture functions, we will have to fix the root cause to fix corruption. I don't think increasing punitive measures is going to curb corruption in the big scale. Corruption as a whole is weaved into our social fabric. We would need a lot more than just a law to remove it.