This is a HEAVY change folks!
First, it really upgrades the role of COs. Simultaneously, it downgrades the significance of the privilage per se; I mean, it's different being appointed by the Branch Committe itself and being appointed by a Jon Doe Circuit overseer.
Apart from that, the game changes with respect to appointments/deletions: The Branch office was detached from the persons in question so it could give a 'objective' appointment/deletion. Now, it's all up to the CO, who personally knows the individual and may even be best friends, or worst enemies, with him!
A personal example: When I was due to be deleted, both the BOE and especially the CO did not wish my deletion. But the Branch office took the matter in their own hands and chopped my head in an istant. So, if that adjustment was in force back then, I would now still be an elder. (which would be for the worse, now that I think of it)