That's a better finals system than the initial reports. The 4 conference winners (2 from South Africa, 1 from Aus, 1 from NZ) appear to get home finals against the 3rd placed South African side and the next 3 from Aus/NZ.
You've still got the situation where the 4 weakest teams in the competition (the 3 new teams and the Lions) make up half of the 2 smallest pools, so the other teams in those pools (Sharks, Bulls, Stormers, Cheetahs) are at a significant advantage in the regular season with 3/4 progressing to the finals and 2 awarded home finals.
But that design flaw isn't quite as advantageous for them under the new finals system, where they'll still have to win 3 consecutive finals matches to take out the competition, rather than just 2.