Nope, everything monetary was just as agreed. It's an interesting take and I haven't though about it this way. I have always seen it as a sign of mistrust from the company, which had its consequences on morale etc.
The "extra cycle for a raise" is an upside. You can get promoted into something you're already qualified for. Though I get that there's downsides. Some loss of positional authority, maybe issues getting a new job at a place that uses similar names for levels, etc.