These membership changes are intended to standardize membership rewards across all Funcom MMOs: AOC, TSW, and AO. Removing offline levels and Veteran Points is part of this process.
None of the changes are that dramatic except for selling T3 to T5 items in the Store. If someone is willing to spend enough money, that player will only have to grind for T6 items. Most people will not pay for the necessary number of Royal Treasure Chests to obtain a full T4 or T5 outfit but T3 can be had for about $60 USD automatically. There doesn't seem to be much left to work for unless AOC is planning on releasing T7 later this year or next year.