1. The notification has came long before regarding a committee formed to deal this issue. But there is decision yet. It will dealt after this ICAI election result. 
2. I think institute will reduce the articleship to 3 years from 3 and half years.
3. But i feel there will be some more restriction regarding final attempt. Usually in earlier streams institute has never allowed students to write final as soon as they complete PE II or inter. Condition is that there should be a gap of minimum 1 year in inter cases and in case of PE II after 2 years of completing articleship.  So eventhough articleship period reduced there will be a condition stating gap between PCC and final attempt. It is just my view. I am not sure.