I don't think that this rules out the eight schools of magic -- there's a lot invested in the specific number eight -- so much as it lowers their importance. There are a lot of spells for which tying them to specific schools is either difficult or irrelevant, where a case can be made for being of any of a variety of schools.
In the push for making things be at-will/per-encounter/per-day, it's probably quite hard to make
Charm Person (1/day? 1/encounter?) the same "kind" of ability as
Flaming Hands (at least eventually, I'd see no harm with that being "at will"). They're just not conversant with each other in terms of what they do, and leaving things asymmetric like that really, really hoses the Enchanter.
So some reshuffling seems necessary.
I think that the way I'd implement this is to have spells have a variety of descriptors, and to apply those descriptors exactly as appropriate, screw traditional schools: I can remember which school
Bull's Strength is in, but I'm not sure it makes sense;
Flaming Sphere was transmutation at one point, wasn't it?
I guess my point is that this is a really exciting change, but we don't know how it's implemented; my guess would be that it puts the [Enchantment] descriptor at the same level of importance as the [Fire] descriptor. For many spells, which school it's in doesn't really matter: a lot of things are Conjuration or Transmutation these days, just so they have somewhere to fit.
And that's only a guess

.
It's still completely possible that the eight schools are sticking around, but that the 4 implements operate at a different level, where each spell has a school (for feats to use) and a implement (for magic items) and a list of descriptors.
Anticipating Goodness.
ninja edit: I also like the fact that human wizards have to specialize somewhat, while Mariliths can get away with absolute moidah. Plus we can sort of play with Tarot-suit affinities now. Bonus points!