Time magazine reports that Jack O'Connell, the State Superintendent of Public Instruction, stated reassuring that "Parents still have the right to home school in our state." (Here are his remarks at greater length.)
Michael Farris comments on his remarks, and lays out some of HSLDA's plans.
The Los Angeles Times reports further... though you might want to verify the information from a credible news agency before you take it to the bank.
UPDATE: read Al Mohler's comments.