Physical level will be gone, and "rank" will become "level", SP will become EXP. In addition, each class will have it's own set of points for you to distribute as you see fit, and you gain more points as you gain levels on said class. So now you will be able to effectively play all classes, rather than having to be a melee build (because it's your main) whilst playing a mage (your alt) because you couldn't afford to wait for 2 days to "reassign" points.

Hope that was clear enough lol