The new program benefits people that fly shorter long haul and people that fly lower booking classes.
The only people that will suffer are those that fly long routes (like EZE), where you need just a little bit more flying now.
Overall I think we will see many more HON's and SEN's and that is from my perspective not a good thing.
We already have overcrowded lounges (yes, also the FCT is at times like a Zoo now) and service overall has reduced.
So while it will not make a main difference for me (I guesstimate instead of my usual 500K Hon miles I will do around 9100 points a year), it will probably reduce the service levels as there will be many more HON's.