No, it won't revolutionize the sport. Yes, it's a little step in the right direction.
Speaking as a local sports writer, we'll definitely see more "local boy breaks 4" coverage in the local media. Can't say I ever recall a newspaper in the US highlighting a special 1500 time unless it was a world or American record (except for perhaps the ERG or NYT).
Think of how many kids participate in high school track but do not take their running farther (that excludes most of you). They generally appreciate what a solid mile time is, but they don't have a clue about the 1500. Do the 1500 lovers think these people will somehow catch on with another 40 years of not being exposed to local coverage of the 1500?
As for the defense of the 1500 because it's the international standard, do you really care what folks in Bratislava think about our college milers? And if you're so into international standards, why aren't you raging against 300m tracks, which are virtually unknown in the rest of the world, and only serve to boost the self-esteem of college runners with artificially fast times?