I think Steve Langasek's wife has very nicely summed up Steve's proposal in her blog.
I'm still trying to wade through the 400+ emails that followed up the announcement, so I haven't been able to digest what the general vibe is, and I've only briefly lurked on IRC today (but I log #debian-devel, so if I really cared I could go back through it).
As I said yesterday, the new release strategy doesn't impact me in a negative manner terribly much. My pet non-x86 architecture that is affected is SPARC, and it's a pretty neglected pet at that.
One thing that I thought about today when I opened by debian-devel folder and was greeted by 400+ emails in one thread, was that if all the energy had been expended on fixing bugs, then we'd be able to freeze Sarge tomorrow...