The new system doles out the same penalties regardless of the offense, but also starts out relatively gently. All first-time violators receive a warning rather than a strike -- YouTube will pull the content in question, but creators won't lose privileges. If they persist, the first strike will lead to a one-week freeze on uploads and "other channel activities," with the strike disappearing in 90 days. A second strike during that 90-day window will lead to a two-week freeze, while a third strike will lead to YouTube terminating the channel.
Whatever the offense, YouTube is vowing clearer notifications (including new mobile and in-product alerts) that outline just what policies people have violated. You'll also find a wider range of policy resources in YouTube's help center to explain what constitutes strike-worthy behavior.
This won't please people concerned that YouTube allows some clearly false content in the first place, nor those who insist it's biased when determining who runs afoul of its policies. However, it could reduce complaints about arbitrary decisions and discourage those who'd otherwise be tempted to push their luck.