It was an important rework in the sense that it proved that the community can push changes to pp. Everyone was so hesitant and unsure of the process and what to expect from ppy before that.
As for the actual pp changes, while it's an improvement, it's not any closer to a true permanent fix. It's a bandaid fix at best. Many of the formulas made have arbitrary behaviors I don't particularly agree with the origins of. I am a firm believer of modeling mechanics from ground up and deriving the the necessary formulas from the models rather than playing around with various combinations of exponents, additions, etc to find what correlates best with the overall judgement of what values something should give.