Hi all,
Skimmed through the document. The basic position is that they recommend action to be taken in the 2014-2019 period, but don't want to say whether this should legislative or other. The positions range from harmonising exceptions (teaching, persons with disability) to basically refraining from any binding steps (in the cases of user-generated content, e-lending).
Perhaps one good development is that the Commission sees copyright as "part of a broader set of 'rules of the game'" for the internet, which means that they've gotten the notion of net politics comprising many different policy sectors.
As Luis pointed out, some nuances might be quite important in setting the tone for the next years. And since this is just a draft and these little bits can change in the final version, I would refrain from making definitive public statements for now.
One thing I'd like to point out already, though. The Commission mentions three objectives of a possible copyright reform and two of them contain the word "market". As long as copyright remians an economic tool within DG MARKT, we will need to talk about economic benefits of free knowledge in order to be taken seriously. Talking only about cultural, democratic and educational benefits will relegate us to the role of a second-class stakeholder.