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To greatly oversimplify: the old model is one where you have 100 authors who can sell 100,000 copies each. Getting into the pool of authors is hard but once there you're more likely to do well.
The new model is one where you can have 10,000 authors who can sell maybe 1,000 copies each. Getting into the pool of authors is relatively easy, but it's harder to sell a lot of copies.
Same amount of total sales, but the second model has less of a need for big publishing houses, and more of the revenues goes to authors (admittedly, spread out much more thinly because of the larger pool).
I prefer the latter model, but I will certainly stipulate that I might feel differently if I was one of the 100 in the first scenario.
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