So far, it seems that both standby AND FP wait times are down since they implemented this change. What I have noticed over the last 2 weeks (I've made numerous park visits) is that the posted standby times are highly exaggerated. And they aren't updating them very often.
From our visit on 4th of July (yesterday):
At 2pm, Radiator Springs Racers was a WALK ON in the standby line for a good 45 min. Literally, the FP and Single Rider lines were longer than standby. The stand by line didn't even extend into any of the switchbacks...it went right up to the merge point. However, the posted standby wait time listed 60 min. They knew it wasn't 60 min but they never updated the wait time. I've never seen anything like this.
Also, we rode Autopia with a posted 30 min wait. More like 5 min actual.
Big Thunder posted 25 min wait (we used instant FP) but the actual standby line was nonexistent...maybe a 3 min actual standby.
Small World showed 20 min. Was zero.
Gadgets Go Coaster posted 30 min. Walk on.
Goofys Sky School posted 30 min (used instant FP)...actual standby was more like 5min based on what I could see.
Soarin posted 55 min but the standby line didn't even extend outside so there is no way that was correct.
So, if you are going soon, take the standby wait times with a grain of salt.