Thanks to those who have been sharing their data, all very helpful. The latest figures seem to suggest a 7x increase in rank requirements against a 20x increase in rewards.
This would suggest that those who did the grind before update 14 are being heavily punished. If you got to Elite V you are now at Geneticist.
It's going to take me a week's solid grind to get back to pre-patch 14 levels, but after that point the grind will be 3 times faster (20 / 7). So, whilst they did make a royal mess of things, if it really is a 7x increase, then I think I can live with it. It'll be another 30 days grind to Elite, and 77 more days after that till Elite V. I'm working on a 100M return on a gaming session (milage may vary).