I was actually surprised that it got trough, even as close as it was. As allways there were some of the usual "Gosh darn foreigners stealing our jobs, taking our women and poisoning our Nazi-Gold wells" going on, which as usual can be safely ignored.
So the Initiative was meant to limit the amount of immigrants to a certain number, which conflicts with the current open border treaty with the EU.
Basically, the one major problem (Personal view here, im no specialist in politics) with immigration as such in switzerland is, that noone seems really able to tell where the _actual_ issues lie, and which others are just the usual tries of making an elephant out of a mosquito. The SVP will eagerly tell you how swiss workers loose jobs to foreigners and how they're hurting the economy or are leeching on our social institutions etc. The other factions will tell you the exact opposite, that we would be royally fucked without open borders and how foreigners are like angels descending upon poor switzerland. Its the usual bullshit of noone even trying to offer a neutral view, listing actual facts without bias so you can logically make your decision and vote fairly.
The stupidity behind this is, that it works with anything else. But as soon as EU, immigration or foreign politics get into the Mix, votings, Referendums and Initatives turn into a nightmare. This is the reason I usually dont vote on this crap, because I cant be bothered to work myself trough the giant pile of necessary research before I can give one damn vote.
About the situation, basically they are trying to figure out how to even implement the change. The Bundesrat appearantly starts with negotioations on the current agreements with the EU, they on turn allready made it clear by statement that they wont budge from them. So, if you ask me: Either they find some whacko workaround that basically changes nothing, or the EU has to wave its willy around once before the entire political party collectivelly bends over and everything returns to normal.
And concerning personal opinions, I think they really dont matter in this case, and noone probably cares anyway. According to my experiences before, everything you say now as a swiss will probably be stamped as racist and/or hateful anyway.