As a model aeronaut, I am very happy about this ruling. It will get challenged and shape FAA powers, but I think a lot of good will ultimately come of it.
However, there is still the FCC. Many multicopter, helicopter or airplane “drone” model operators use a video downlink from the aircraft. These downlinks are often transmitting video at a higher power rating than the general public is licensed to use, or in a frequency band that the general public is not supposed to use. A common variety uses 2.4GHz at 600 mW, for example, while a typical WiFi router is 100 mW. For this, the hobbyist can apply for a standard “HAM” amateur radio technician license, and enjoy their downlink video system. Similar to the FAA rule, HAM licenses cannot be used for commercial purposes at all.