Having had a chance to read the fine print, all I can say is: NOT IMPRESSED!!
1) most flights (except short domestics) score *fewer* points (as I surmised above, the change to miles is just a kludge to conceal this).
2) most reward flights (especially domestic and/or BC) require *more* points.
Most of the other changes are just a great leap sideways; international upgrades are the only real 'plus', assuming that they are actually available in practice.