Exactly. And they will probably automatically adjust existing gear to the new paradigm, just like they did when Damage Done and Healing Done got converted into Spellpower. The way I see it, it will go like this:
For instance, spellpower gear: In the new system, Intellect is supposed to give your spells the benefit that Spellpower now gives. To convert it, they'd just need to look at the ratios. So x Intellect will give your spells y benefit, so if a weapon with Spellpower currently gives y benefit, they need to convert z spellpower to x intellect through some formula.
The same will apply to AP, converted to either STR or AGI, depending on the gearclass (ie Leather, Mail, Plate etc).