To the best of my understanding, the Texas law avoids the portions of the Arizona law that had been struck down by the courts for infringing on federal right to enforce immigration law.  
One of the problems with this law, from my perspective, is that laws such as this one discourage people who are present without status from reporting crimes to the police.  This makes communities less safe by making criminals feel less constrained.  Laws such as this also raise the question of whether local law enforcement may be required to enforce federal law.  
Much will depend on how this law is enforced.  If its enforced in a discriminatory manner, there will be numerous lawsuits.  A lawsuit is already pending regarding the law's constitutionality, but that circuit is considered by many to be very pro-enforcement, so we will see what happens....