A not-so-recent post on Changing Higher Education takes an interesting tack.
This will take some time, but if you read this post and follow all the links -- you may know what you should know about Bologna and why you should care.
Here's a very brief excerpt -
The Bologna Process involves a number of components, all of which add up to a massive and daring remake of higher education in what is called the European Higher Education Area (EHEA), which includes at its core the countries of the European Union. The process takes its name from the Bologna Accords, which were signed in 1999 by the education ministers of 29 countries. Clifford Adelman at the Institute of Higher Education Policy, has recently written a very thorough and informative report on the current state of the Bologna Process called The Bologna Club: What U.S. Higher Education Can Learn from a Decade of European Construction. Although most US attention has focused on the regional change to a 3 year bachelor degree and 2 year master degree, Adelman points out that this time-based description is misleading, and certainly not the most important and revolutionary part of the Process.