There is a clause that is politically necessary for the US, but disappointing:
The Treaty does not contain any constraints on testing, development or deployment of current or planned U.S. missile defense programs or current or planned United States long-range conventional strike capabilities.
Longtime readers of this blog know that I oppose almost any type of missile defense programs. But the president needs 67 votes in the Senate to ratify this treaty. That's going to be hard enough, so picking a fight over missile defense just isn't worth it.
This is a positive step, but I'm slightly pessimistic about Obama's ability to get this treaty ratified.