While I started this thread, I never actually posted my feeling on the subject. This is because I was honestly asking people's opinion because I'm genuinely unsure of exactly what I think is the real end-game here.
On the one hand, I feel reasonably sure that what Kellhus is after is a rewriting of Damnation. On the other, I am unsure of is exactly what that entails and so ultimately means. So, what replaces Damnation? Or is it just a different flavor of Damnation? If it is the disenchantment of Earwa, the destruction of the "meaningfulness" of the world, what is the net effect?
In the end, does this make life better off for the "average Joe?" I have always felt that the series is set up for a major reversal in the end. That what we think we know isn't really the full picture. So, Kellhus may be a savior, from the Consult, maybe from Damnation, but I have my doubts it makes life any better for the people of Earwa (on the balance).