The facts, as I've read them (Research done from the Washington Post):

Virginia, of course, tried a high-profile measure several months ago to take a minute of silence each day in schools for "prayer or silent meditation." This was struck down by the Supreme Court as un-Constitutional. However, the brief that they submitted indicated that "a less clumsy effort to disguise the intent of prayer" would win their approval.

There has been, as of yet, no follow-up by Virginia's state legislature to draft a new bill.

It seems that the Supreme Court will strike down any bill requiring enforced silence for a reason that is obviously prayer. Tihs would probably include most bills pushed hard by lobbyists for school prayer, or drafted by legislators who openly support prayer.

However, keep in mind that there has not yet been a wide-ranging ruling by the Court yet. Each case involving school prayer has been taken and ruled on in an individual manner, with the decision not having any wider effect. This would indicate that the official stance of the Court is that if any student objects to a prayer in school enough to file a lawsuit, that the prayer must be stopped; but prayers in school are otherwise acceptable.

This leaves wide leeway open for both sides of the debate. The most likely outcome is that the Court will continue to rule individual cases. The one chance that this could change will come in a large case where one side risks losing the case to challenge/uphold the very Constitutionality of officially sanctioned prayer in school.