Fey Illumination needed to be nerfed because of Largesse. Eos isn't any weaker, because her core value with Whispering Dawn remains very strong. Embrace is still stronger than single target Regen from WHM/AST and Fey Union also makes up for the 50 potency loss. Union is an amazing ability that way too many Scholars complain about because of mismanaged use. Also, Selene does not have ".01%" DPS increase, like the OP incorrectly said. It's actually very significant if you do the math.
I hope this community realizes that SCH can't just keep receiving buffs. Yes, it was undertuned at the beginning of SB, but it's perfectly fine now. There is so much negative stigma about SCH though and the community can't seem to stop complaining. The 4.1 changes are meant to raise the skill floor, for new Scholars who spam way too many GCD. SCH doesn't need anything else.