For most people sure they will stop watering their lawn pat themselves on the back and be done with it. You won't ever get action from those people though so we can ignore them. There is a smaller group that will be annoyed that they are having to make sacrifices when industry/agriculture isn't and those people will be pushed to be more active.

Does it guarantee improvements? Nope, but it does get more people on the side of conservation.

Any way to improve it would require increasing levels of government interference. Clearly people(industry included) aren't willing to self regulate their water usage or they would already be doing so.