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RE: How will the new Power Down cycle effect people already Powering Down?
It sounds to me like you're misunderstanding how the power down works.
The "two year" power down simply means that you can withdraw 1/104 of your SP holdings per week.
The "three month" power down will mean you can withdraw 1/12 (I suspect) of your SP holding per week.
You are neither in a two year nor a three month "cycle". You are withdrawing a portion of your SP (whatever that may be) on a week by week basis.
I agree with nanzo-scoop. I think instead of 1/104 payment, it'll change to a 1/13 (52 weeks/4) payment.
Another related change is the decrease in the inflation rate in the system. Right now according to @smooth's estimation the Steem Power inflation is 160% yearly - it got moved down to 1.425% yearly for Steem Power holders (the overall inflation rate in the system was moved down to 9.5% per year and of that new rate, 15 percent of that 9.5% goes to Steem Power holders).
I understand how it works, and I guess if that IS the case then the answer would be yes everyone would reset and still have to wait a full 3 months regardless of how long they were Powering Down previously.