Looks like it is less of a break financially to merchants (7 bps interchange cut eventually, with a 5 year cap on fees) but it allows surcharging and also surcharging by card type and allows merchants to pick which cards they will accept. Might severely curtail the points/miles game as playing becomes more expensive.

Visa, Mastercard Reach $30 Billion Swipe-Fee Deal With Merchants - Bloomberg

Visa Agrees to Landmark Settlement with U.S. Merchants Reducing Rates and Guaranteeing No Increases for at Least Five Years | Visa