The change does make the game significantly harder...from what i noticed...and much harder on hard mode...
Well I never played with anyone having 100+ resistances anyway. I had maybe 80-85% on some characters by the time I got to the end boss. So the resistance 'nurf' will never really affect me. If you played in such a way that you really needed that kind of resistance then I'd say that's pretty cheesy. Just use cheat codes and make yourself invincible and be done with it.
I dont cheat, my way was to build a character who is immune, took me a while to get the gear i needed and a ton of luck...the reason i luv this game so much is because it dosnt force a particular gameplay on a person...my way was to max resistances...thats how i play...