call me skeptical
I have to agree with travel69. I think there may be a small window of opportunity now due to a PR push by both sides. A few luckies might get a 5 to 10 year validity. But then I think things will stay fairly restrictive, without fanfare, with a few long-terms issued here and then just so the Chinese can point out "compliance" to doubters. But in reality still handing out 12 months, sometimes less. We've seen this before with the Chinese "Green Card" that only a small number of foreigners have been able to score in the years that it has been supposedly available. And I'm not sure the Consulates will like to give up those lucrative visa fees from people who would otherwise have to come back annually for a new visa. I'll probably try it but am not holding my breath.
As to being issued a long term visa that will outlive the validity of the passport, I suppose one could do what one does with Residence Permits that span old and new passports: in China go to a major PSB and have a replacement visa (same terms) put into the new passport, so the need to travel with old and new (which tends to confuse airline check-in staff the world over) is dispensed with.