According to the article, here are the new tattoo and piercing rules proposed:

Tattoos will not be visible above the neck line when the physical fitness uniform is worn. Tattoos will not extend below the wrist line and not be visible on the hands. Sleeve tattoos will be prohibited. (This rule may be grandfathered.)

No visible body piercings will be allowed on or off duty. Males will not be allowed to wear earrings at any time. Ear gauging will be unauthorized.

The regulations still have to be "tweaked" to make sure they are "feasible, affordable and reasonable." And legal. One of the big problems I have, in relation to these standards, is forced tattoo removal -- which was actually mentioned as a possibility by a Sergeant Major and other senior leaders. While I don't know anything about military law, it's not improbable that a removal requirement could face a legal challenge. 

The removal discussion follows a note on "inappropriate tattoos," but it seems that, for those with existing tattoos not deemed inappropriate, the work could be "grandfathered" in and soldiers wouldn't be penalized.

It'll be interesting to see how this plays out. Read more about the rules in the Army Times.