The new system is very much like the old "approved upgrade system", you can't build to 700 hours and do a shortened IR course anymore, you have to do the full approved abridged course:
PPL 45 hours
Hours building (100? Can't remember)
Written exams
CPL 25 hours
CPL/IR upgrade 55 hours
it gives you a lot less choice nowadays, which is both good - at least you don't have to ponder which route to take and thus add to your worries - and bad, damn it's pricey!!!