I'm embarassed to admit I haven't heard a darned thing about this, so all I know is what's in the release:

Washington, DC - U.S. Senators Trent Lott (R-Miss.) and Dianne Feinstein (D-Calif.) today introduced a Senate resolution that would make the earmark process more transparent and make it more difficult to slip earmarks and riders into conference reports in the dead of night.

Senator Lott chairs the Senate Rules and Administration Committee and Senator Feinstein is a senior Member of that committee.

"Our proposal does not bar the long-standing practice of allowing Senators to channel resources to communities in their states that need federal resources," Senator Lott said. "However, we do attempt to bring a far greater degree of transparency to the process and make it nearly impossible for Senators to insert items in unamendable conference reports which have not undergone thorough scrutiny by either the House or Senate."
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More info when we hear about it...