What's Lisbon Treaty anyway?

During my walks in Dublin, I've noticed a lot of posters about Lisbon Treaty. People of Ireland are urged by politicians to vote YES at the referendum in June.
Ireland is the only country which will have a referendum on this matter!
Except for the fact that our only right in Ireland is just to live here freely and that's all, I am curios about all this public debate on the Lisbon Treaty.

So, what is this about?
Lisbon Treaty, so called EU Reform Treaty, was signed on December 13, 2007, in order to reform the institutions of the European Union. The Union faces new global challenges, such as climatic changes, security, energy, world economy and the intention is to adapt all the European institutions to this news modern challenges. Among others, one of the new things would be a President of the European Council.

It has to be ratified in all 27 member countries before it can come into force, on January 1, 2009. And the ratification depends on each constitutional system. For instance, Romania approved the Treaty by parliamentary vote on February, 4.

The thing that I like most (learned of recently) is that each time the Irish Government wishes to change or amend the Constitution, it must do it by holding a referendum. Very democratic!

Debates
To randomly name only two parties, the Socialists Workers say NO, the Labor Party says YES; Libertas, the anti-Lisbon campaign group, says evidently NO.

However, as I noticed, many people here feel that the Treaty is undemocratic and goes to a centralized Europe.

The debates on TV and other media are civilized, not as I know :(.
I was used to terrible political masquerades on TV and this reality seems abnormal.

Here is the website which was set up to inform people on the treaty and here is something to read, on yes or no arguments.

On blogs, Skin Flicks with an interesting opinion.