The veteran rank tweaks are so huge that they'll be rolled out in phases, the first of which debuted earlier this week and featured "lower difficulty" in existing VR zones. Phase two will remove veteran points in favor of normal XP and will also include increased PvP XP. Phase three will completely replace the current VR system with the Champion System, which involves alternate advancement that Sage compares to the AA system in EverQuest II.
That's not all, either, as Sage's interview runs for nearly two hours. You can watch the whole thing after the cut. If you don't have time for that, Dulfy has published a summary transcript.