Timeline.

September 2004-Rule effective

Current pilots can begin exercising privileges of sport pilot certificate.
Non-current pilots can begin exercising privileges of sport pilot certificate after obtaining flight review and currency requirements for the category of aircraft they will fly as sport pilots.
Ultralights pilots must be registered with an exemptionholding organization (EAA, ASC, USUA) to receive full credit for ultralight knowledge and training. October 1 2004
Ultralight owners can apply for an N-number for previously unregistered/uncertificated vehicles. Application form will be available online at http://afs600.faa.gov. Sometime during October 2004
Practical test standards (PTS) for flight testing and knowledge (written) tests will be available (for study).
Guidelines for repairman training will be available.
Designated pilot examiner (DPE) and designated airworthiness representative (DAR) applications will be accepted.

November/December 2004

First FAA DAR training courses will be conducted.

January 2005
FAA ready to issue:

Sport pilot certificates.
Sport pilot certified flight instructor (CFI) certificate
Private pilot weight-shift and powered parachute ratings.
E-LSA certificates
S-LSA certificates
Light-Sport repairman certificates (maintenance and inspection ratings)

FAA will also:

Accept applications for additional category and class privileges.
Hold first designated pilot examiner (DPE) training courses.

January 31 2007

Deadline for registered ultralight pilots to take the sport pilot practical (flight) test without having to log additional training hours.

August 31 2007

Last day that an E-LSA certificate will be issued to a “fat” ultralight or two-place ultralight trainer.

January 31 2008

Deadline for a registered ultralight instructor to take the practical test for sport pilot CFI rating without having to log additional hours.

January 31 2008

All ultralight two-seat training exemptions expire.

January 31 2010

Last day that a sport pilot CFI may use a two-place ultralight trainer converted to an E-LSA for compensation for flight training.