Today the American Immigration Council's Immigration Policy Center (IPC) published a demographic profile of immigrants who might benefit from the Obama administration’s deferred action initiative announced on June 15, 2012. Although the initiative must be implemented by August 15, no specific procedures have yet been announced, and two scheduled stakeholder teleconferences on the program have both been posponed.
The deferred action program offers a two-year, renewable reprieve from deportation (such action will be "deferred'). It is available to unauthorized immigrants under the age of 31, who entered the US before age 16, have lived continuously in the country for at least five years, have not been convicted of a felony, a “significant” misdemeanor, or three other misdemeanors, and are currently in school or graduated from high school, earned a GED, or served in the military. People who meet these criteria are often referred to as “DREAMers” because they comprise most of the individuals covered by the proposed Development, Relief, and Education for Alien Minors (DREAM) Act, which Congress has not yet passed.
You can find the IPC's demographic profile here.