can someone explain to me the new party exp thing?

so being used as a HS mule for leeching has been rendered obsolete, right?
and @Cyanne:
so now, if i am interpreting this right, you receive more exp if you deal more damage, and less if youre a lower level than someone else in your party, or more for the latter?

60% exp is split proportionally to damage
40% exp is split proportionally to level

Old figures were 20 and 80, so level-based exp-gain (which involves no work, or to call leeching) got cut in half, from 80 to 40, therefore what a leecher/priest gains gets cut in half as well, from 40 to 20.