This revision is good news. The law in the UK is different in this precise respect to law elsewhere, which is never a good sign.
What it means is that if the government decides to make posting the word "fred" illegal -- and they are very fond of passing laws against opinions, a.k.a. "hate speech" -- then anyone who ever said the word "fred" online is liable, because every time that post or website, however old, is accessed, that access is "publication." This is not the case with newsprint.
So the law needs to change, if only to protect all of us writing comments now from laws as yet undreamed of. It is very good news that the government is considering this.
The UK libel law needs to be abolished, I agree; it is a scandal. But we also need a US-style constitutional right of free speech. Urgently.
Whoops, I said "fred" again -- take me to prison now, officer.