Another comprehensive try: I don't have too many details on this, but Roll Call's reporting (behind subscription wall) that top House Democrats are planning on putting forward a "scaled-down" attempt at immigration "reform." It seems to be moving along (e.a.):

It says that Hispanic members — including Rep. Joe Baca — are seeking five-year visas for illegal immigrants who pay fines and pass criminal background checks. Baca, a California Democrat chairs the Congressional Hispanic Caucus.

Baca said the prospects for a compromise package were discussed in high-level meetings that included Speaker Nancy Pelosi, Democratic Caucus Chairman Rahm Emanuel, and Rep. Zoe Lofgren, who chairs a key immigration subcommittee, Roll Call said.

The paper added: “It’s unclear if the behind-the-scenes discussions will actually result in a bill coming to the floor, but Democrats say drafts of legislation already have been written and are being vetted behind the scenes.”

(H/T Hot Air)
These rumors also emphasize the importance of Congress in discussions over immigration law and legislative battles in general. The presidential race gets the most centralized media coverage, but Congressional races matter quite a lot, too.

UPDATE: Brian Faughnan suggests that this 5-year legalization may be paired with Heath Shuler (D-NC)'s enforcement-minded SAVE bill. House Republicans, he says, are resistant to any measure that could be read as "amnesty."