Really out of the loop, are we?
The Sport Pilot certificate has been around for more than ten years (The new rules were effective on July 20, 2004).
The AOPA and EAA have been pushing the FAA to drop the third class requirement altogether based on the sterling accident history of the Light Sports Pilots. While there have been crashes, in the ten years of the LSP and LSA there has not been one, not a single reported accident attributed to pilot incapacitation due to health issues. In fact the "Pilot's Bill of Rights-2", was introduced in the House (H.R. 1062) and the Senate (S.571) on Feb. 25, 2015. Among other things, the law would direct the FAA to eliminate the third class medical.