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My upvotes aren't worth $0.03 yet, but maybe if I score a deal on an SP lease it'll become an option!

For T1 it is either way $0.03 or 100%. So your vote will still count.
If you can delegate 100SP (T1) it will add up to your votes and give Tier 2.

Ah, that's... not what the tier updates post says. (EDIT: Oh, I see. It's in the detailed description here, but not the summary block. Oy.)

So the only real change on May 1 is that the minimum upvote less than 100% goes up from $0.01 to $0.03... and you have the option of a Steem-per-month subscription?

Why is this such a big deal, again?

This is the full T1 and T2 update post here with all the changes that will start in May. The Tier update is still running on the "old" rules until the end of April.

Basically yes. The minimum $ per upvote changed. Before it was 0.01 for both Tiers. Now it is 0.03 (or 100%) for T1 and 0.05 for T2.
plus added subscription option.

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