Got this at
http://www2.faa.gov/avr/afs/sportpilot/index.cfm
Light-sport aircraft are simple, low-performance aircraft that are limited to 1,232 lbs. (560 kg) maximum weight, two occupants, a single non-turbine powered engine, stall speed of 39 knots, maximum airspeed of 115 knots, and fixed landing gear. Aircraft categories include airplanes, weight-shift-control aircraft, powered parachutes, gyroplanes, gliders, balloons and airships. Due to their complexity, helicopters and powered-lifts are not covered by the proposed rule.
Got this at
http://www1.faa.gov/avr/afs/sportpilot/faq.cfm#a1
I would like to fly a light-sport aircraft and I don’t hold a pilot certificate. How would this proposal affect me?
You would have to apply for at least a sport pilot certificate. First, you would have to get a student pilot certificate for operating light-sport aircraft (student certificate). To get a student certificate, you would have to—
Be at least 16 years old (14 years old to operate a glider or balloon);
Have a U.S. driver’s license or an FAA medical certificate;
As a student pilot you would have to accomplish the following:
Receive and log ground and flight training in specific aeronautical areas; and
Meet specific requirements for solo and solo cross-country (SFAR section 33).
To get a sport pilot certificate, you would have to—
Be at least 17 years old (16 years old to operate a glider or balloon);
Have a U.S. driver’s license or FAA medical certificate;
Receive and log ground and flight training in specific aeronautical areas (SFAR section 51 and 53);
Meet aeronautical experience requirements (SFAR section 55) (typically 20 hours total, 15 hours dual, 5 hours solo);
Pass an FAA knowledge test and practical test with an FAA designated pilot examiner (SFAR section 57).
The FAA would issue you a sport pilot certificate and your logbook would be endorsed authorizing you privileges in that specific category, class, and make and model of aircraft.