I'd agree with many here that there's not that much in the way of sunshine for the majority of flyers, certainly appears to be a backward step in most instances. The only big saving grace I can see is the removal of the 10,000 point stopover fees, so makes it worthwhile to do a coastal hopper trip up the Queensland coast for instance, or zooming around NZ. But apart from that, I'll agree with the others that it's not a particuarly positive outcome all round - time to get some redemptions in before May next year!
(actually, on further reflection I'm wrong on that too, given each individual flight is calculated for mileage now - so in most instances you're worse off than before, even with the 10,000 points removed).