What this compromise is not is a model for other states. Utah is a unique entity, and offering ever-increasing room for religious exceptions elsewhere would undermine the value of all antidiscrimination laws. Utah was not going to step back from its broad religious-liberty exceptions, but other states shouldn't expand theirs.
The Mormon Church wants laws on the books that would allow a Mormon apartment building owner who doesn't want to rent a unit to a gay couple, the "religious freedom" not to do so. Or a Mormon business owner the right to fire a lesbian worker simply because of whom she is, not because of the quality of her work.
I'm not saying my religious beliefs are the way for everyone to live or believe. But neither are yours. In fact, they are not truly universal religious beliefs but your personal beliefs. And that's OK. But you don't get to impose those on everyone else to prevent them from living, working, and loving with the same freedom that you are afforded by virtue of who you are.