"The revised formula will now consider an ad’s maximum CPC as opposed to the actual CPC. The announcement reveals that earlier top spot advertisers may have unwittingly by-passed recent enhancements to the Quality Score factors - quenching any conspiracy theories, it simply admits a flaw in the formula."
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"The playing field has [mostly] been leveled is certainly an optimistic view of how the new "formula" (I wonder if that word is used because it is easier to spell and less "threatening" than algorithm) will affect advertisers. That isn’t at all how I interpret what the effects of this change will be. Time will tell.