I believe it is an attempt at finding a middle ground or compromise. The antis will most certainly balk at true shall issue, and of course pro 2A'rs balk at the poor wording allowing very poor interpretations of "good cause" and "good moral character". which leaves us where we are right now.
So what could happen?
1) Not enough signatures- ballot dies, media reports on it, probably a small victory for Anti's, not to much press.
2)Enough Signatures - goes to ballot, a media campaign to fight for and against it, being this is Kommiefornia, it probaly wont get enough votes. probably a bigger victory for Anti's, set back for 2A rights. much more press coverage.
3) Makes ballot and gets voted in- Highly unlikely, but the result would most likely draw a lawsuit or injunction, and/or the licensing agency will use the same subjective standards to deny permits until taken to court over it. SO like DC and Chicago they will drag their feet.
The only way this intiative could help is if it got reworded, reciprocity was included would be a great start. Then it could be based on at least one other state that has some fairness in its issuing rules. Florida as an example. But somehow I dont think that will happen.
but then again we are dealing with the uneducated masses, who knows what might happen...