Actually the sulfur is not the principal lubricant in diesel fuel.
The process used to reduce the sulfur content in the fuel is what removes the lubricity factor.
The reduction of sulfur is designed to reduce the particulate content in the
exhaust.
ULSD (<15 ppm) fuel will have a slightly lower energy content and therefore be slightly less efficient (slightly less power and slightly less MPG).
Lubricity issues, and to some extent, the power and efficiency issues can be dealt with by using additives.
Oh yeah, additives... . they too will eventually have to meet the <15 ppm standard. Expect to seem some labeling that will inform you whether the brand you are choosing meets this standard or not.
And a final thought or two about the fuel itself.
ULSD is being introduced now, but the total implementation nation-wide will be required by 2010, so in theory, until 2010, we should be able to read the labels on the pumps at the station (and assuming that the oil companies will still be offering Low Sulfur Diesel) we could still find the fuel we have been "enjoying" for the past few years.
Also, expect to see some problems with older existing fuel systems. The aeromatic content of the fuel will change with the advent of ULSD. This will cause swelling or shrinking of seals and o-rings (not related to the lubricity issue). This happened a few years ago when the sulfur content was reduced to 500 ppm. The cure (was then, and probably will be) will be replacement of these seals and o-rings. Believe it or not, people in the fuel injection industry claim that no new materials were introduced to combat the fuel change at that time. All that was needed was a "fresh" seal or o-ring that had not become accustomed to fuel of a different or previous make-up.
Steven