It’s being presented as a grand compromise, with separate votes allowed so that Hans von Spakovsky would be voted but, as Josh Marshall so ably notes, it’s really another f&%# you from Bush and His Evil Minions™ to the Senate.
The problem right now is that the FEC does not have a quorum, so it can make rulings, which means, among other things, McCain’s bungee jumping into and out of the public financing system cannot be approved by the board.
Additionally, one of the remaining members of the board, FEC chairman David Mason has been very vocal about McCain’s law breaking on the matter, which is an embarrassment.
Bush has renominated von Spakovsky, but is now saying that they can take a separate vote on the nominees, which Spakovsky, would lose, but he is now also submitting a replacement for Mason too, with the idea that once he is removed, McCain gets what he wants on a party line vote.