Wow, reading this again closely--Seems we were wrong. It sounds like all that's changing is that your weekly Conquest cap via arenas is only 2/3 of what the equivalent rating via rated BG's would be.

IE, if you have 2k rating in Arenas and your cap now would be 2200 points, after the patch your cap would only be 1452 points. Meaning basically, there's no f'ing difference in points for doing arenas between being a 500 rated team and a 2199 team.

They're trying to fix busted rated BG's by incentivizing them instead of making them actually appeal to most gamers. Sigh.