Reducing the feed means the conversions will receive a higher amount of STEEM, all else being equal. The amount is a 7-day trailing median, so for those happening in the next few days, most of that window is already baked in and not affected by the reduced feed prices.

BTW, the enormous conversion (at least one anyway, I didn't look that carefully to see if there are others) of 100K was performed by steemit2 account, owned by Steemit Inc, which currently holds over 5.5 million liquid STEEM. The amount received as a result of the conversion, about 200K liquid STEEM, will not make a whole lot of difference to their overall liquid STEEM holdings. I would guess they did it specifically to reduce the supply of SBD both to help support the peg and to help align with the upcoming SBD stability changes, although I have no first hand knowledge of their motivations.