I am probably the person that will be number one most impacted by this in the game. My thing is taking any faction from Zero and getting them to and/or keeping them Official, and I have flawless record in this. I post a ton of forum RP and organize events, RP raid, calls for log etc. More than anyone. So this will be very good for me individually as most of my time logging is to make sure factions stay afloat.
And I must say - I am against this. The biggest issue with factions is the complacency of leaders - burnt out people that don't enjoy logging and playing the game anymore remaining in Hcs, and sitting on 1iC positions. This system weeded them out and/or forced them to handover the faction to others. It forced me to not seek 1iC positions and hold power because I know my passion and commitment wasn't there. Official factions with leaders that don't enjoy playing the game are meant to fail, and that's a good thing. The 48 minutes of log time per day should be the bare minimum.
Officialdom Decline
On the other hand - official factions don't matter as much. You have almost no control over your NPC faction in terms of story, even FR5 requests get denied and your faction ignored. It's not a big deal if many factions lose Officialdom as they can do the same thing on non-OF all the same - story and faction influence operates on a buddy system now, not OF system - having OF is nice to have but not really that necessary except for a few select factions (wild, factions that deviate from the defaul, often outdated indie IDs - this is why my Mollys aren't even on tracker and Maquis keep officialdom)
Losing OF is not as big a deal as it used to be, I don't think the 3 days is the reason why Ofs are failing. It's lack of incentives to be OF in the first place alongside complacent leaders unwilling to handover power and/or play the game anymore.