Try doing a search before posting, third time a thread has been made about this same topic... Look two or three threads below this one, I posted the exact details released by the FAA.
Nothing set in stone yet just possible reductions. Won't solve the long-term hiring issue, just may offer a year or two reprieve as the current CFI pool moves on to regionals faster. Certainly a step in the wrong direction, but I wouldn't in any way call this a MAJOR change.
Now there is a MAJOR change being discussed, and if you read the thread I posted there are more details on it. It would reduce the hourly requirement for everyone with an aviation degree or from military to 500. Much more serious change that would have a greater negative effect on the industry and pay rates.