Actually there are two bills being presented. House Bill 1177 proposes decriminalization for personal consumption, no criminal charges, offenders given fines and that's about it. House Bill 2401 is what has people talking though. Full on legalization for those 21 and over. From other articles I've read, it sounds like they intend on having the liquor control board determining the way to package, organize, sell, etc. Obviously there are going to be a ton of issues that are going to be brought up against legalization but in the end I think its going to be the Washington tax payers being sick of tax increases and the possibility of an income tax. Lesser of the two evils being legalized pot hopefully.
More info on House Bill 1177;
http://norml.org/index.cfm?Group_ID=8079