Not sure what this means:

"(C) The written governing instrument creating the account meets the following requirements:
(i) No contribution will be accepted—
(I) before the date that is 12 months after the date of the enactment of this section . . ."

The money has to be invested in an S&P500 Index fund, or something similar.  A million small accounts are going to cause headaches for brokers, so I suspect a lot of them will be online only, no paper statements, no easy way to update addresses.  The money can't be withdrawn until the child turns 18, and then it's taxable.  

Even if they were available today I would advise parents to wait until after the market crash.