Yea, it could go both ways - but my thinking is if I start a game with someone rated at 1700, I should get scored with a win or lose with that same person with the 1700 rated (no matter if it's now 1000, or 2200)

I also think back to the KM which used the current system to hurt other players - that is they would start a game with someone rated pretty high, they would purposly get that rating as low as possible, so when they win their game against a player, their rating will drop a lot. (example - both me & opponent are rated 2000 - they would hurry drop the other players rating to lets say 1000, then when they win - it hurt my rating a lot more then when it was at 2000)