The alternative is discrete versions where any number of things can change between versions, but you have to accept everything in order to receive security fixes. In some instances, those are inevitably going to break backwards-compatibility for at least someone despite all best efforts, and this may even kick off regulatory compliance procedures.
Either way, distros are going to continue to do the "we'll support version <foo>" thing, so this is basically offloading the need to carve out security patches to them. In some cases, they might even have to write the security patches themselves. And this is supposed to make our systems more secure?
I can't wait for LibreSSL to be usable, if this is how the OpenSSL developers think.