As long as they haven't committed any crimes and aren't deemed a threat to public safety, they won't be deported - at least by this administration. Since there's no way such a policy would ever get through Congress, the White House basically made this an administrative matter. Immigration officials will exercise "prosecutorial discretion" as they focus on higher-priority cases. I suspect we haven't heard the last of this, especially on the campaign trail. From the NYT:
"The president has said on numerous occasions that it makes no sense to expend our enforcement resources on low-priority cases, such as individuals" who were brought to this country as young children and know no other home, the secretary of homeland security, Janet Napolitano, said in a letter to [Senator Richard J. Durbin of Illinois]. Ms. Napolitano said that low-priority cases were "clogging immigration court dockets and diverting enforcement resources away from individuals who pose a threat to public safety."
The decision could benefit as many as 11 million illegal immigrants who live in the U.S.