Here's a brief summary of what I've noticed so far:
1.) No more being able to attain silver by flying an HKG-YYZ/ORD/JFK round trip 2x annually by flying Y (big bummer!)
2.) Expect to pay HKD$2-3k more if you want to earn 100% club points flying in Y for intra-Asia routes (ie Japan)
3.) **Positive Change** Mileage runs will probably be cheaper now since S, N and Q classes can now accumulate points towards status.
I'll let others do the more in-dept analysis.
I'm also glad that MPC did not comprimise any major benefits with tiers like that 4x lounge voucher per year BS...