The actual new Puzzle Rating system?

Okay so there was a recent rating system change. I'm terrible at chess so the effect it had on my score isn't really relevant -- however I am curious what the new system is? Each puzzle has a puzzle rating, a target time, a speed bonus, and a pass rate percentage. To me these make no sense at all. There is no way in hell I am ever going to photographically analyze the board and choose the correct response in 6 seconds.

So let me ask the question -- if a puzzle has a rating of 1500 and a target time of 6 seconds and yet the pass rate is listed at 60% what does that mean? Does that mean that 60% of all attempts are successful but also 50% of players rated 1500 or above can solve the puzzle in 6 seconds?

Thanks.

The target times went away. All you have to do now is get the puzzles correct.

Did they go away? I still see them listed. How then is a rating generated?

Time is no longer a factor in rating. It's still used for speed bonuses on the Puzzle Points feature I believe.

I'm thinking of abandoning my quest for a higher puzzle rating. The penalty for a failed puzzle is now far too onerous when compared to the reward for a correct solution. It can take 4 or 5 correct puzzles to make up for one slip up... I ask my self what is the point!

They Hard or Extra Hard difficulty, though your overall rating changes will be similar

This new system sucks!