It isn't just small motors. I just read an article on this change in EC&M. They say the change should bring a savings of 5.3 million terawatt-hours of electricity/year.
The trouble is that more efficient motors are more expensive and that they are larger in size than their less efficient counter-parts. That says trouble when someone has to change out a motor. Most likely a huge plus for the local rewind shops.
If I had a 100hp glycol pump motor fail, it would be very time consuming and expensive to buy a larger framed motor, cut piping on a pump, and shim up the pump just to change the motor. This doesn't even take into effect the higher cost of the motor. I think I would want one on site and send in the faulty one for repair if I were in charge of maintenance.
However, for OEM's, I think the change is good. It's easier to implement the changes on new installations, than it is on retrofits.