Silvaire - the conditions for the dropped 3rd class medical are for now:
No IFR
Max 14000ft
up to 6000lbs aircraft.
So anything else will still require a 3rd class. Now, that would probably go away over time, but it's how it's worded now to get through congress.
Yep, and consistent with what I wrote above most private light aircraft in the certified FAA fleet are operated now within those constraints - because they aren't physically capable of exceeding them, or equipped to fly in IMC. Only a few of them are Aerostars that require astronaut pilots
The situation seems to me analogous to that in the 70s when the archaic FAA requirements for domestic aircraft and pilot radio licenses were dropped. Another step in adapting aviation regulation to an evolving and more modern world. Hope it passes into law.