I think that YouTube's heart and lawyers minds are in the right place (there is a ton of horrific behavior floating around YouTube), but they're going to have to tighten up their terms before it's meaningful. I would imagine it's going to take a shut-down of a popular channel for something in the new TOC that will challenge the new rules.
For me, it seems very CYA right now, but it does give some recourse in case someone is claiming cyberbullying.