When the newer system was introduced, people expected that artistry (interpretation, choreography, transitions etc) would be more rewarded than before. Is it true, or actually getting less rewarded, relative to the technical scores?
I think it's about the same. Under both systems, the technical scores and the presentation scores turn out to be about of equal weight.
In the new system they juggle the relative values to make it come out that way, on the average. For instance, for the ladies' short program the program component scores are multiplied by a factor of .8, while in the long program the factor is 1.6. The point of this is that in the LP you have an opportunity to get about twice as many technical points in the LP, so the multipliers guarantee that the same is true for the PCSs.
On the other hand, men can gain about 25% more points technically (eight jumping passes, the possibility of doing quads and triple Axels, etc.) So the multiplies for PCSs are also raised by 25% (to 1.00 in the SP and 2.00 in the LP).
So all of this is supposed to make the two parts come out about equal (which in practice they do).
The other thing is that in both systems the two scores, technical and presentation, mostly go along together. Under ordinal judging we never saw a skater get marks of 5.9, 5.1, even when such a disparity was justified. The same is true under the new system. I think that this is because, new or old, the judges are basically saying in their minds -- this guy skated the best, he deserves the highest score; this guy was second, he deserves the second highest score, etc.
Nevertheless, I am sort of encouraged when skaters like Johnny Weir and Jeff Buttle can get decent PCSs even when they bomb technically.