From Rorate Caeli:
At the very least it signals that the Medjugorje Commission is still actively investigating the alleged “apparitions”, and refutes the assumption, held in some “Marian” circles, that the apparitions are presumed to be genuine pending the final judgment of Rome.
The letter reads, in part:
The Congregation has affirmed that, with regard to the credibility of the apparitions in question, all should accept the declaration dated 10 April 1991, from the Bishops of the former republic of Yugoslavia, which asserts: “On the basis of the research that has been done, it is not possible to state that there were apparitions or supernatural revelations.” It follows, therefore, that the clerics and the faithful are not permitted to participate in meetings, conferences or public celebrations during which the credibility of such “apparitions” would be taken for granted.
Pat Archbold, meantime, notes that the above directive has had one immediate result. The scheduled October appearances of one of the Medjugorgje “visionaries” in New England were cancelled.
UPDATE: CNS now has a write-through on these developments. And over at the National Catholic Register, Jimmy Akin has posted a pretty thorough Q&A about this letter and what it means.