New ATP Rule for SICs...
 

http://www.faa.gov/regulations_polic.../2120-AJ67.pdf

So is an SIC priveleges type still considered an appropriate type rating or is the PIC type required for everybody?

Please see the thread in Aviation Law, all about the new R-ATP.

To answer your question, all SIC's of 121 ops need a PIC type. if you already have an ATP, and were employed prior to 7/31/13 by the airline, then you have until 1/1/2016 to get the PIC type.