To know its effect, we will need to first revisit the rules: All LSATs will be considered, but the top LSAT grade always gets reported to the USNews. If you have a GRE + at least 1 LSAT, then both grades will get reported to USNews, and will have an impact on rankings. It doesn't matter whether the school accepts you because of your GRE or LSAT score. Also, keep in mind that USNews currently weigh LSAT the same as a GRE, though this scale is designed specifically when only Arizona accepted the GRE, and will most likely be refined for 2019 onwards.

Then comes the student pool, if you will. While it is incredibly rare to see high GPA+LSAT combos, those with high GPA+GRE combos are a dime a dozen. Because the number of high GPAs available has suddenly gone up (amongst law school applications), this means high GPA in itself has depreciated in value.

So, this is actually a huge nightmare for reverse splitters, because high GPAs are even more common now - all they would do (statistically) is lower a school's LSAT median, regardless good GRE or not. As for splitters, because a high LSAT is still king and weighs the same as a GRE, their chances are more or less the same, if not a bit better now because schools have more wriggle room in terms of GPA.

Having said that, as we know HYS can already fill all their classes with 4.0 valedictorians if they wanted to, but this doesn't actually pan out in reality because there are plenty of other factors involved (LSAT, C&F issues, work history / employability, etc). Accepting GRE in place of LSAT means law schools now have another "filter" to work with now, so to speak, meaning they can accept more promising students without worrying as much about the effect on medians. So, extracurricular activities and WE are predicted to play larger roles in admissions too.