The treaty is basically the constitution minus some symbolic things (and an exemption from the Fundamental Rights for the Brits.) Henry Farrell had it right a couple of days ago.

This is a quite substantial set of changes. It should be presented to people so that they can vote on it (and taken off the table if they don’t want it). It’s a shame and a disgrace that the EU member states have responded to the 2005 defeat by going back to their old practice of seeking to achieve integration by boring the general public into submission, and a very substantial backward step. If people aren’t willing to sign up to major changes in the EU system of governance, then too bad for the EU system of governance.