It's not all bad...
It reduces the previous 75% Iron to 55% Iron.
But, without changes to how the Eleven non-combinable BODs are chosen, the increase in combinable colored BODs is not quite felt (granted, it WILL give you more chances for PoF, but that's the only major plus).
Before Today
50% Iron Weapons
25% Iron Armor (all)
11.46% Colored non-combinables
13.54% Colored Combinables
After today (for a legendary smith)
50% Iron Weapons
5% Iron armor (all)
20.625% Colored non-combinables
24.375% Colored combinables
That's a major improvement, but what we all really wanted to see was the 40% improvement lower the chance of weapons, and/or lower the chance of non-combinables.
Devs, the variables in the BOD decision tree need to be altered so that the Iron vs. color check occurs BEFORE weapons vs. armor, and make color block movement into the Weapons branch - OR, move shields, Female Plate and the 4 non-combinable helms into the weapons branch, so that color has meaning there, while making the armor branch all combinables (similar to how tailoring is now). Even introducing 2 new LBODs for Shields and (non-plate) helms, paying out like plate & ring bods, respectively, would help fix the problem (and leave only the female plate without an LBOD).