The AP story says that diving will be allowed, though I can't imagine how one would access the area. A liveaboard would sure be cool.
The AP story says low-impact uses like photography and diving will be allowed and the 8 commercial fishing permits for the area will be phased out.
On another note, the subject of this thread is pretty inaccurate. This was in no way Bush' idea. It represents the hard work of a lot of people over a lot of years going back to when Bush was still the ******************. Sure, he's going to take credit for it now, even though this has been the most aggresively anti-environment administration in history, but that's just politics. The NWHI preserve has been in the works for well over a decade or longer and is really the result of a lot of hard work by people you'll never hear of.