I invite you to post how the changes have impacted your Adwords account here. This is not to post complaints or gripes - just tell us concrete examples of what you are seeing.
Here is what happened to one of my adgroups.
I have an adwords account that has about 1300 keywords.
I first filtered for all inactive keywords. I had about 40 inactive keywords in my adgroup. My max CPC was set at $0.05. To activate these 40 keywords, I had to increase the bid from anywhere from $0.10-$0.30.
I then lowered the Adgroup Max CPC bid from $0.05 to $0.01 for the entire adword group and all remaining keywords became inactive. So no 1 penny keywords in this group.
I filtered on the inactive and put a price in for $0.02 and about 300 keywords became active. (I used the down arrow to auto fill all bid rates at $0.02 - only those keywords that had a min. bid of $0.02 became active).
I filtered again on the inactive and now bid at $0.03 and another 300-400 became active.
I did the same at $0.04 and around another 300 became active.
I did the same at $0.05 and the rest became active.
So I was able to lower around 900 keywords below the $0.05. This is good news.
I also added a new keyword and I was able to add it at $0.05 - this is also good - I was afaid that the minimum bid would now be at $0.10.
What will be interesting to watch is will my average CPC for the day be higher or lower now.
Suggestion for Google - It is painful to do all these adjustments manually. Could you create a button that would allow us to set all keywords in an adgroup to its respective minimum bid automatically, whether it be 20 cents or 2 cents?
What has been the results of these changes for your account?