It's a huge nerf and they also nerfed the epic level 1. Force the Battle also got a massive hit with the nerf stick as well. Actually overall I think the fighter has had a bit of a decrease in power with this.
I have to admit that I need to take a moment for some schadenfreude from another discussion earlier about the way the Mage/Wizard swapping works. You need three feats to pick all of them up - albeit getting evocation works nicely I have to admit. They do in fact require the previous feat as well, so a wizard needs at least 3 feats to pinch everything a mage gets (but that was obvious, it was NEVER EVER going to be 1 feat). I couldn't see it being done any other way, but it does indeed mean that I called mages needing 1 feat to get implement mastery (albeit they lose their school)
Come and get it being nerfed is hilarious. Hilarious I tell you. If it shuts up the incessant whining about it though, it will have been worth it.