Talking with CCP master plan he says (while we were both drunk)
Although it is likely you will be able to cash in tags to improve your sec status, it probably will drop off, and you won't be able to do it every day, as it will have less effect every time you do it. commander and officer tags will be the main movers, but things like the angel copper tags will probably have really minor effects (0.01% is what was mentioned) so that the changes shouldn't screw too badly with current prices for tags used for faction standing.
It is definitely confirmed that they haven't yet decided exactly what happens when someone shoots at a pilot with the suspect flag in highsec.