I did this on Monday of this week. The process seems to work the same as before, but instead of waiting for the agent to call your name, after you check in you get in another line to scan your boarding pass. The agent still grabs the luggage tag from the printer, puts it on your bag and checks your ID.
This is a slight improvement over the prior system, because you know how long it will be until you can check your bag (relative to your position in line), but not the huge change in process you were probably hoping for.