They split baseball history up into four segments, with a Vet's committee for each. They'll meet according to some arcane schedule (so they don't all meet every year, or even on a regularly rotating basis).
Did they change the way that the ballot works? If not, they're not going to start electing people. The VC had a hard time electing people because committee members could list at most four people on their ballots, and they needed 75% (IIRC) to get elected. Since the candidates that the VC looks over almost by definition don't stand out (Willie Mays gets elected before the VC gets to take a look at him), there's unlikely to be enough of a consensus among the voters to get anyone over that 75% bar. If they wanted the VC to elect people they need to drop the % requirement or let voters vote for more than four candidates.
But really, I'm okay with the VC not electing anybody. We've already got Lloyd Waner, Jesse Haines, Highpockets Kelly, George Kell, and on and on in the hall of fame. For every Lou Whitaker who really deserves it but gets passed over, there's legions of very iffy candidates whom they could (and probably would) enshrine. Cooperstown doesn't need a plaque for Carlos Zambrano (to pick a random pitcher with more WAR than Jesse Haines).
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