I don't think this suggests the return of Cups and Challenges anytime soon. Local events are considered unsanctioned. Premier events are currently recognized as Regional, International, and World Championships.
I wonder how this will affect the Team Challenge. lol Depending on when Season 3 was agreed to, maybe that's what delayed an earlier release of Live. Maybe they had to make sure TCGO could still be used in case anyone participating logs into Live and migrates, assuming migrating automatically...
If you look at previous designs, I think you'll see that they probably intentionally put the "face" of a set on the 4-pocket portfolio. Maybe to make people buy both, or at least make the smaller one as desirable?
With these coming out in waves, maybe they're just trying to lessen the load on their packers and shippers? Especially with Evolving Skies coming up in a week.
Or they have staff keeping an eye on the cards to avoid theft :P