Yes, but it was OP as a Tier I PrE anyway, which is precisely why so many people took it. I'm not saying it isn't losing anything, but it's losses now put it about where it should be power-wise, as far as I'm concerned.
I'm totally in agreement; Tempest I was overpowered and the changes bring it in line with what it should be power-wise. However that is a BIG drop in power, and nerfs a significant number of end-game focused builds like the Monster and Ravager.