They abolish the NHS. Remove the statutory duty on the Secretary of State to provide a health service - after lots of objections, the bill was taken away and rewritten but the replacement text isn't much better. Just says the SoS has to use 'the powers under this Act' to promote health services - quite vague but crucially, there are no powers contained in the Act anyway!
Rest of it is just as bad. Makes competition the most important duty - the most powerful health service regulator, Monitor, is charged with preventing anti-competitive behaviour. Not ensuring patients are safe, or providing decent quality health services or anything like that - just ensuring there's a market and lots of opportunities for the private sector to make money.
There will be no accountability for services provided to NHS patients, or for the money spent on them - it will be left up to local groups allegedly of GPs, but actually the work will be contracted out to KPMG or other consultances, as is already the case in London.
Thing is, they aren't waiting for the law to be passed, they are doing it already - see KPMG getting the contract to run GP commissioning in London. Astonishing arrogance to start dismantling the NHS even BEFORE they get the Bill through.