They may or may not discriminate on residence on the conversion ratio. What I would suspect would be more likely is that they might discriminate in the new programme on elite qualification levels depending on country of residence. Most European FFPs do that.
I must say that I am not enthused by what we hear about the new rules. Elite qualification levels are the thing that matters most and, like Johan, I suspect that I might find it difficult to make it to Platinum level on a regular basis.

On some routes, the drop in points awarded might be vertiginous. Think of AMS-TLS which earns you 3100 FD pts (UK residents rate) for a return flight. You'd need 8 return flights at present to make it to top tier elite. Under new rules, if 75 000 is the threshold for plat, you'd need 75 return flights in the worst case scenario and 19 return flights in the best case scenario (viz. double (level) miles for single cabin flights, and elite bonus counting towards level miles).