On the surface it sounds good, "shall issue". But the reality is the initiative is poorly written and will actually provide more reasons/loopholes for denying issue then exists today with regard to Good Moral Character (GMC) and Good Cause (GC). GMC and GC are well on there way to being 'fixed' here in CA.
If by some stretch of the imagination it actually gets on a ballot....it'll go down in flames by the general voting public. At a minimum this adds fuel for the LCAV/Brady folks to scream from the mountain tops that, "The CA public has spoke...they don't want joe the plumber carrying a gun." Worst case it get used in the courtroom as an example of the 'will of the people against guns in CA'
The worst possible scenario is that it successfully becomes law in CA. At that point CCW/LTC reform in CA is dead for the rest of our lifetimes - a ballot initiative can only be changed by another initiative or a constitutional ammendment. Basically this means we're stuck with bad law forever...
Please do not be snowed into thinking that this initiative is a good idea - the only thing that come from it is disenfranchising an untold number of Californians from there civil rights.