Quite the contrary. The change has done a great deal of good. There is more that should be done to give some decay relief to the tiny guilds that have not received any yet, but overall the game now rewards inclusiveness and no longer rewards the shunning of players who earn less renown than average. Those are very positive changes and should help make for a much improved social environment.
I am keeping up with this thread to do my part to advocate that we not go back to the way it was before and to advocate for extending the decay relief to tiny guilds. There is a great deal of agreement here. Only a very few have argued for going back to the old decay system. And most posters agree that tiny guilds should also get some decay relief. Whether the devs will eventually come to the same conclusion is yet to be seen, but most posters agree on the direction.