I believe there is also a provision where if an employee accrues comp time and decides they want the money instead, the company has to pay it out within 30 days. (Or at least that was the case the last time I read about this legislation; of course it might have changed.)
I think good workplaces could implement this law in a fair way and shitty workplaces will continue to be shitty about wage/hour issues. Many hourly workers do have fixed schedules, and I can see this being really beneficial to them. Less so for workers with variable schedules, definitely.