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It seems like Google has listened to criticisms of their previous system where-in employees had to spend considerable time and effort preparing their promo packets.

My impression is that the previous burden on the employees to promote themselves is not a good use of the employees time; instead of focusing on just doing good work, the focus becomes on reviewing the past and on self-promotion.

Googler here. I agree that the old process was sub-optimal for a series of reasons. My biggest gripe was about the 6 months cutoffs was a problem for projects that are 1) longer than that and 2) on the binary side of things (ie. Hard to measure partial/incremental impact so the project is either launched or still in development). I got burned by that at least twice.

Now, with the yearly cycle, I hope that this will be mitigated. It's too early to draw conclusions about it, but by reading through the docs it seems a net improvement over the old way.