The obvious take-away is that there will be no "third Republican vote" in favor of the budget.
More important, the linked article provides us with some details of the proposed budget deal (stories about the impasse have focused on the "frustrating" quest for GOP support, rather than on the outline of the proposed deal). At the end there is a short description of the 5(!) funding revisions that California voters will have to approve in order for the proposed budget to work as planned.
By my count there are three measures that would affect older propositions that were passed "for the children:" the state lottery, Prop 98, and Prop 10. You may remember Prop 10. That was passed thanks to the pompous advocacy of Rob Reiner.
The GOP will likely never approve any further tax increases (the state takes enough as it is, and is driving away business). But, the interest groups who are some of the Dems biggest allies - teachers' unions, public employee unions, health advocates - will NEVER allow these funding changes to be voted on without a fight. The attack ads practically write themselves.
This is a prime example of how warped CA's Proposition system has become. Too much of the budget is locked into "feel good" measures like the above. They are voted on based purely on emotional appeals with no sense of their fiscal impact. Trying to change them through further propositions would seem to provoke just as much bad decision making. What happens if 2 pass, but 3 don't?
The GOP would impress me if they demand one thing in these negotiations: make it much more difficult to place further propositions on the ballot.