I can understand the sentiment, specially for non-elite members, but I am guessing for most people here not much may change.

I mean, an elite member traveling in Business light gets 2 bags @ 32 KG and lounge access with 1 guest.

Of course if you travel heavy (and need the 3rd bag) or may make frequent changes to your ticket, that may be a different case of course.

Edit: this was also written under the assumption that the light fares are priced lower than the old standard fares.