The definition includes such cartel favorites as the Remington 740 and Browning BAR that come in calibers larger than .22, are semi-automatic and have magazines. It would also cover the Ruger Mini 30, but not the Mini 14 unless the rule includes .223, which is technically larger than .22 caliber.
Please also note the BATFE has asked for OMB approval prior to the seating of the 112th Congress. Congress can, if it wishes, override the proposed rule but it's worth remembering the Republicans control only the House of Representatives and they are 43 votes short of a veto-proof majority even in the House.