Well we all knew this was coming but that doesn't make it any less painful.
My initial take is that there will be some pluses and minuses, as may no doubt be true for many.
On the minus side, the value of RR for my short haul flights will see a huge devaluation.
Example #1:
16 low-fare one-ways @ $59 = $944 spend x 6 points = 5664 RR points
Under RR 1.0, I'd receive a RR ticket that I could generally leverage for a $200-300 ticket (just used one to book a trip that would have cost $350).
Under RR 2.0, 5664 RR points only generates $94 in reward airfare
Conclusion: Low value short-haul travelers get shafted by RR 2.0
On the plus side:
(1) I won't have to worry about expiration of credit for my dependents, who often accumulate only 2-4 RR credits per year.
Example #2
Mrs. B + 2 children fly 2 roundtrips at total cost of $500 total per person. Under RR 1.0 all credits continuously expire and therefore effectively = $0.
Under RR 2.0, each person receives $500 x 6 pts = 3000 points. The value of these points (which will never expire) is 3000/60 = $50.
Conclusion: Infrequent travelers will be far happier with RR 2.0
(2) I will be well compensated for occasional business travel and high priced leisure tickets.
Example #3
A roundtrip ticket for a typical domestic business trip (infrequent as most of my trips are international) runs $1000 on WN, slightly more on the competition.
Under RR 1.0, I was heavily disincentivized from using WN as I would only receive 2 RR credits which I valued at around $30-40 total v. 8000 miles on competing legacy carrier (includes 100% elite bonus) plus EQM and potential upgrade to F.
Under RR 2.0, I will receive 10k points (anytime fare) = $166 RR credit, which is roughly equivalent to 8 RR credits.
Conclusion: I will have a tough choice between my legacy EQMs and RR 2.0 for business travel, but maybe lean towards WN.
One final note: The credit card program was always disappointing (beyond the initial bonus) and remain so under RR 2.0. However WN always has the opportunity to easily tweak this with bonus offers, etc.