If I'm reading the tooltip right, this is a huge nerf in terms of soloing lowbie instances. I know, not everyone's endgame, but I happen to enjoy the Diablo-esque gameplay of mass-pulling lowbie instances.
Old: 100dmg, less 80 from old BoS = I take 20dmg per hit.
New: 100dmg, less 3% from new BoS = I take 97dmg per hit.
Multiply that by say 10 mobs and all of a sudden I'm taking 970dmg instead of 200dmg.
In fact, a mob needs to be hitting you for at least 2700dmg before that 3% matches the old BoS.
Add to that the absence of holy damage per block and all of a sudden the new BoS isn't anywhere near as good as it used to be for AoE'ing.
Please correct my math if I'm wrong.