There is a lot of great discussion here, although many of those giving negative feedback don't seem to be interested in actually waiting to see how it pans out.
Do you really think Ding Ning will still be 19th in a year's time, in 6 months time even? She will have to pick up the slack and attend the World Tour to continue to prove herself to fans and opponents, and the same goes for all players who compete locally but only occasionally on the international stage. A player can't expect to stay at the top by showing up three times in a year.
The system also prevents the opposite issue, where players who compete more than 8 times in 12 months have only their top 8 results go towards the total points. Otherwise some of the Japanese players would be much higher, they compete 12+ times, one was as high as 18 events (senior only) within a 12 month period!
Once the system is in place it will smooth out, players will fight for their rank and it's a win for the sport. Tennis players get injured too, and they play in a similar system. Injuries are inevitable, but we shouldn't be letting injured players keep a ranking as high as active players who aren't injured. When someone isn't playing they should drop down the WR.
Thanks all for your feedback, I'm sure there is plenty more to look at, and it's an exciting time for Table Tennis!