If I read it right they are saying that after 2014 they will not use varietial patents to go after farmers on RR1 varieties that they "Monsanto" owns. They have no control on what other breeders of licensors do. 

They are extending companies (those stupid independent licensee's) rights to produce RR1 after 2012.

They will continue to collect a trait fee along with genetic royalties on the technology through 2014 - adding two years of income - genetic royalties will continue - (what I wonder is - will the rates remain similar on these or will a premium be added)

Monsanto also won't make companies or universities destroy RR1 lines. 

They will also maintain full global regulatory support of the RR1 technology through 2017.

This is quite a change from the prior position (or it could have been the plan all along) and could be postive or negative for US growers.  Hopefully, the universities and other breeders will continue working to improve lines.  Someone will need to step up  on the regulatory issue after 2017. Maybe checkoff dollars?

If Monsanto is right - the new technology - RR2 and beyond should make RR1 beans obsolete - I guess time will tell.