Press release today...
My first thought: "Good."
My second thought: "About time."
With merchandising and other media opportunities, it's in the major companies' best interest to have an internal control over their books' contents. That doen't mean censorship or dumbing down comics, it means subtlety and ingenuity. Excessive profanity, violence, sexual situations and vice aren't needed in every story!
I doubt my parents ever knew what the comics code was. In practice, it may have worked more as a signal to retailers that it was safe to carry an item.
These days, the people buying comics items who might need this kind of signal would be parents looking for comics for their younger kids, or librarians buying collections.
The original power of the Comics Code Seal was as a signal to distributors. Without the Seal, books might sit on docks in New York and never make it to the Peoria Mom & Pop. Distributors killed EC. Distributors killed Warren's Blazing Combat. Distributors were a tremendous power until the late 1970s, when as a testament to their power (they were favoring magazines over comics), the industry was dying -- until Phil Seuling had his bright idea about the direct market and made return-model distributors irrelevant.