I think this is a case of and, per user per vote. I am only interpreting the words of steemit and when all votes are shiftet down by some amount, it would be as if you are missing some SP. I am guessing that this actually affects the rshares issued without regard for the voting power. That would mean that low votes are with a bigger penalty than big votes. Or it could be a flat reduction and it will just be as if we all are one SP short. Time will tell :)