This topic has the Kindle Boards on fire and I've stayed away from it because if you like the change you are villified.
A few things to consider with this change:
1. It only applies to books that are in KDP Select - the exclusive with Amazon program that allows readers to borrow your book.
2. When they say $0.006 per page thay do not mean a paperback page. They mean a Kindle normalized page which is much smaller than an average 6x9 page. For example my 205 page Songbird paperback actually comes to 360 Kindle Edition Nomalized Page Count (KENPC). So it's not really that low of a rate.
3. For novel writers this will significantly increase their rate of pay per borrow. In May, I made $1.35 per borrow for Songbird (360KENPC). This worked out to $0.00375 per page (assuming the reader read the entire book). If they didn't read up to 10% I was never paid anything. With a rate of $0.006 per page I'll now make $2.16 per borrow (assuming a complete read) and anyone who borrows but doesn't hit 10%, I'll still get something.
The thing with KU and the lending library was that the old system never took into consideration the difference between shorts and full length novels. People quickly learned how to game the system. They took their novel and published each chapter individually as a serial, there are cases of people even copying wikipedia articles and publishing them. With a novel someone had to read the first 2-3 chapters of my books to hit the 10% payout cut point. With some of the shorts it was one page. Scammers were over running the system and it wasn't good for readers or Amazon sine they were paying many authors more for a borrow than the author would make for a sale.
The value in KU as a reader is that I can borrow up to ten books at a time from the "library" for only $10 a month. If I read novels, that means I only need to borrow 1 or 2 books to make it worth the money. But what happened is with the influx of shorts, readers had to wade through them to find full length novels (it's amazing how many authors will claim their 15k word story is a novel), hitting the 10% on those shorts quickly, and over time this caused the borrow rate to drop and novel writers to pull out, making it even harder for readers.
Amazon doesn't want 10million borrows of shorts. They want 1million borrows of novels, because to a customer that is where the value is. I'm not going to pay $10 a month to read a bunch of shorts, although if I have the subscription for the novels I may borrow shorts for fun.
There is value in short stories and poems, but how many people can honestly say they would be willing to pay the same for a 20 page short as a 300 page novel? That's what the old system did and it wasn't fair nor did it provide readers with the material they really wanted.
Sorry for the rant! But for many authors the KU payout shift from borrow to pages read will either change nothing, or it will increase their pay. We are 10 days into the month and I am already estimating that I will earn an additional $200 this month using the $0.006 per page rate and that is including the fact that my books have been out from between 4years-5months.