Judging by first impressions, it sounds like this new system covers everything Thanks do and more. If we gave it a proper button and showed total likes received under your avatar on posts, then the Thanks system becomes pretty much redundant.
Which raises the question of what to do with the Thanks system. Obviously we can't remove it, as nobody wants to lose all of that data. Could we port that data into the likes system? I'm guessing not. Could we remove the thanks button, but leave the rest of the system in tact? That still leaves the problem of having two redundant systems, but it would look neater, at least.