New players entering the rating list with unusually high ratings, tend to be overrated and new players entering the list with unusually low ratings, tend to be underrated. It was recommended that the K factor for ‘new’ players (those that have not yet played 30 games) should be increased from 25 to 30. The initial rating would not be affected but it would impact on their rating until they had played 30 games and improve the predictive power of their rating in that period. The effect on the rating list was minimal.
It was recommended that if FIDE decides to go ahead, then a separate rating list for Blitz and a separate list for Rapid should be produced. FIDE should decide on need and cost structure.
A list of items that everyone thought should be considered in the major review for 2012 was made, including whether FIDE should stay with the Elo system or consider alternatives.
The only need that they could possibly identify for separate blitz and rapid lists is that of FIDE's. The need for profits! And if they're really serious about a new rating system, then I've got just the man for them. My old mate, Bill Gletsos. He'll tell 'em about Glicko.