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It might be good, if they aren't lying and if they follow through correctly.
It'll be good for regular users, especially ones like me who use AdBlock and don't see ads anyway. If a page that I like gets too pushy, I usually drop it.
It will force brand pages and commercial pages to start buying ad space on the side, and make their feed content less like ads. But I don't really have that many pages that engage in such shenanigans, so I don't think much will change for me.
Because tumblr is porn-friendly, so people decide there is a time and place for it, instead of just leaving it open all day or checking it on their phone every 10 minutes like Fuckbook or Twizzler.