I like it. Here's my take on it:

Its a simple concept but the implications will affect many things. Overall I think it helps against 2 groups that were feasting off the old system:

1. the big bot farms
2. the top players sitting on their lead

Both of those groups took a disproportionate share of rewards against the average person, and therefore I think this will improve the experience for everyone that was affected by those two issues. (which is almost everyone)

Good job @yabapmatt and team. I love the efforts to address issues that we know we have. Not all will work out exactly as intended, but its clear to me you are "on it"!