Last night it was announced that AFTRA (the other acting union) members passed the deal with the studios that its negotiators had agreed to last month. It only had a 62% YES vote, so it was hardly resounding, but passed nonetheless. SAG was urging AFTRA members (many actors are members of both unions) to vote it down, since they believed it was a terrible deal and would result in the studios being willing only to agree to similar terms for the SAG contract.
For those that don't know, AFTRA covers performers (broadcasters, radio DJ's, etc.) as well as actors. Only a few TV shows are done under the AFTRA contract -- including soaps, a couple cable shows, and a new pilot or two -- and no films. Still, SAG fears that the other union's willingness to accept a bad deal will make it difficult or impossible for SAG to negotiate a better deal.
Here's a link to what each of the principles had to say about the approval: http://www.deadlinehollywooddaily.com/aftra-members-ratify-amptp-contract/
I think what needs to happen is that SAG needs to take whatever crappy deal they can get, and then in three years when all the union contracts expire, all the creative unions join together to get better terms (the writers, directors, and actors) Only against a united front will the studios see a real need to actually negotiate.