I think this is going to be great for me, personally. A lot of what I write is longer (7–9 minutes). Longer stories get fewer views or claps in my experience because fewer people are willing to take a risk reading them or get to the end and decide to clap, but people in aggregate still spend a lot of time reading them.
One of my stories that hadn’t really made much money under the old system had something like 2.5 hours reading time, which I could see under the new metrics.
There are also people who read and share your stories but they just never clap for whatever reason as well as people who hate-read your stories all the way through and then leave an angry message refuting you point by point. (I get a lot of those from pissed off libertarians.) I think it’s only fair that you should earn money off your haters too.
I think it’s great that there is more transparency, too. My main concern was that this is a black box and eventually they’re just going to start gradually cutting compensation arbitrarily, so this alleviates that fear somewhat.