I'm not going to apologize for the obvious flaws in a first-to-file system, but people seem to be missing the benefit. In the current system someone sees an idea that someone else has used (in the case of the company I work for a "Pay Bill" button; no joke) they file a patent and threaten to sue. Most people settle and purchase or lease the technology. First to file does nothing to help that situation. Where first to file has a benefit is those that choose to go to court. No longer is it a battle of who had the idea out first it's a simple check with the patent office to see who filed first and if the defendant is infringing or not.
It will lead to thousands and thousands of new patents each year for buttons, gestures, navigation concepts, and so on; but will make court appearances very quick. The President stated that it was about half done, I'd give it a1/4 of the way. The next step is to quicken and cheapen the patent process so smaller companies and individuals can protect their ideas and still have the money to invest in developing, marketing, and production of their product. All patents must have a prototype within 2-10 years to remain valid. The finial step is to give patent design a 21st century face lift. You should be able to patent code that performs a specific function, but not the function that your code performs (ie you can patent how your device detects a swipe but not swiping).