No, I think they won't get anything. We have only half year left before the council elections and I think the council government just want some publicity to gain some votes, I don't think they had the real intention of trying to reduce the real noise (cars, motorbikes, works).
About the party night life I think the council doesn't realise how important is this for the tourism in Madrid, and has decided to support the right of resting for the neighbourghs without giving alternatives for the fun of young people. Now, botellon is forbiden and the time to close the pubs is almost as rigurous as in the UK (3:00 am in weekends for the pubs and 5:00 am for discos); of course, when the people goes out of the pub they're as noisy as ever because nobody try to educate young people (and not so young) to respect the rest of the neighbourghs. I think this is the real problem.