PATENT REFORM ACT, LEAHY-SMITH ACT

The AIA is the most sweeping change made to Patent law since 1952. There are several key provisions in the new law.
The America Invents Act, also known as the Patent Reform Act was passed into law on September 16, 2011. This sweeping reform is the most profound overhaul of the US Patent System since 1952.
Among the key provisions are:
-Switching from a first to invent system to a first to file system
-Fee-Setting Authority granted to the USPTO
-Post-Grant Review
-The Establishment of the Micro-Entity Status
-The elimination of tax strategy inventions from Patent Protection
and
-Derivation Proceedings
You should note that just because the law has been signed into law, many of the provisions are not actually in effect. It is also unclear as to how and when they will go into effect. The situation is still fluid.
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Starting sometime in 2013, the USPTO will only review the first application to be filed. Patents will not be granted to someone who may have invented first (and have the lab notebooks to back it up).