Here's what will happen:
A handful of people across various gaming forums will make a big deal out of this policy. They will use vague, mostly unfounded anecdotes, without any links to actual instances of said things happening in real life. They will significantly over blow the potential issues this change in policy will cause. Most will forget about it in a month. The rest in six, tops. After that gamers will notice very little change in Steam's environment, instances of abuse will be incredibly rare. Every now and then some administrator, usually within a small and less professional publisher, will ban a good player, cause a massive uproar, the policy will momentarily gain renewed attention, before quickly fading back into the background because the vast majority of the players won't care, because very little has really changed for them.
Meanwhile, cheaters will sometimes be banned a little more quickly in games where developers are attentive, and absolutely nothing will change in games where developers don't have the time to deal with cheaters or just don't care.
That's how this stuff tends to go, anyway.
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