Personally i would have gone in the direction of increasing damage dealt overall rather than nerfing the effects of const and damage. It kind of has the same effect of reigning in the stat differences it just feels better to keep gaining const than this will (IE, a legacy type situation). That being said, i think this is 100% a move in the right direction and i think long term, it'll be good for the game. I foresee a very angry vocal few storming through this thread at any moment upset that they won't be quite as invincible anymore though.
Also thank god for satiations being removed if you do this, honestly.