A very innovative solution to the "Elo problem" that I and others have pointed out - namely, the large variance associated with Elo scores. Players put a lot of undue weight in these scores even though differences in several hundred have very little true discriminating power. By changing from a number to a tier, Riot has acknowledged the problem. I applaud the change.
League of Legends has always been highly competitive. Riot has created a cutthroat environment accessible to all players whether they're playing solo or on teams. Now, the developers have borrowed a page from the biggest eSports competition they've got, Starcraft 2. Riot has announced that in Season 3, there will be major revisions to the League portion of LoL.
The basic setup will look familiar to anyone who played Starcraft 2 when it came out. Multiple Leagues comprised of 5 divisions with 6 different tiers. The visual here is probably better than any words I can come up with. What's really interesting is that you'll be playing teams outside of your league but generally within your skill range. They're eliminating ELO as an explicit metric and, in fact, have stated it won't even be visible.
Unlike Starcraft's first iteration, the goal for promotion will be clear. Accumulate 100 league points and get a best of 3 (for division promotion) or a best of 5 (for tier promotion) series in which you can bump up a level. The top tier (Challenge) will be the "path to pro" tier with the top 32 teams competing to eventually have a chance to get into the formal pro-circuit.
The changes are tentative and are coming "soon," but they at least look like they might be worthwhile. It will be interesting to see if the removal of explicit ELO reduces the toxicity of the playerbase or not.