It is mostly a change in the voting payment. It means everyone has the same voting power in relationship to steempower. I don't know the figures but lets say you have 100 steem power and your vote is worth 10 cents. Someone with 1000 will be worth 100 cents. Before, their vote would be worth 10 dollars. This is very basic and the numbers aren't even close but that is the general idea.

For you, it means you have more power in your vote. This is good for you and the platform but use your votes well. As now there are less votes before your power decreases. There are many posts with better info.