CPSC grants 1 year stay of enforcement for children's products!!! Yippee!!!
This is good news but I wouldn't get too excited (although it's hard). Any number of things can still happen to reverse this. Here's a good article: http://overlawyered.com/2009/01/cpsia-cpsc-staff-asks-1-year-enforcement-stay/.
You are still responsible to make sure your products fall below the 600 ppm and the phthlates ban. So get testing results from fabric, ribbon, button, zippers, paint, dyes, etc suppliers. According to Jenifer Taggert, of The Smart Mama, these components may fail lead testing: "rhinestones, crystals (Swarovski), zipper pulls, zipper bases, zipper stops, grommets, snaps, metal closures, pearl or opalescent plastic buttons, vinyl (stabilized with lead) and eyelets. Some screen prints may also fail. "
Please note that if you use paint in finishing toys or use painted metal in your jewelry, you still need 3rd party testing.