Essentially, he says, there are two points. The second point is simple; the Society must change its tone and become more respectful to legitimately constituted authority.
The first expands on the different sorts of adherence that a Catholic must give to different degrees of Church teaching, as expressed in Canon 750 and the Apostolic Letter Ad Fidem Tuendam of Pope John Paul II. Solemn teachings of the Church, proclaimed to be divinely revealed, must be adhered to with firm faith; nobody in the SSPX is going to quarrel with that. Bishop Fellay instanced our belief in the Trinity as an example. Then there are the dogmas that are not explicitly in scripture, but which the Church has taught consistently or else proclaimed dogmatically; for instance the impossibility of the ordination of women or the wrongfulness of Euthanasia. Here too the SSPX is not expected to disagree. The third degree, however, regards the non-definitive teachings of the Magisterium of the Pope or College of Bishops, especially where there has been some degree of change, for example over the issue of usury. Since the Council explicitly (in the words of Pope John XXIII, if not Paul VI also) said that it wanted to define no new dogma, and though it makes assertions, they do not have a dogmatic nature of themselves, one may be cut a certain amount of slack.
Messa in Latino adds:
As the official communique of the Holy See reported, the Preamble left 'theological study and explanation of particular expressions and formulations present in the texts of the Second Vatican Council and of the Magisterium that followed it open to legitimate discussion.' It should be noted that the object of this discussion, which is expressly termed 'legitimate', is not only about the interpretation of documents, but of the text itself of the documents: the 'expressions and formulations' used in the Council documents. So we are well beyond mere hermeneutics; it has become permissible to scrutinize the words themselves (and not only the significance or interpretation of those words) which the Council Fathers chose when putting together the documents.
If the words used in the preamble and so in the official communique have a meaning, here we have a Copernican revolution in the approach to the Council. That is, a move from a mere exegetical level to a substantial one.… In his discourse of the 15th August, Bishop Fellay said that for Rome the Council was taboo, and therefore one was limited to the discussion of the external wrappings, that is of interpretation. Now, on the other hand, it is permissible to tackle also the heart of the matter. This implies furthermore that the controversial passages, insofar as they may be freely discussed, do not even demand that lesser degree of acceptance described as 'religious submission'.
Having said Mass, I've now reworked the translation, and I hope that it is clearer.Thanks to Eriugena for help with a mystery word!
Well, we must wait and see. But we live in interesting times.
I don't think The Tablet is going to like this one!
Rorate Caeli now has a fuller treatment of this topic