I'm fully expecting something different.

The WoL will indeed become fully powered, regaining access to old memories. However in the end will sacrifice their power and everything they are to save the world, because they find this world worth saving. They will get depowered, but they won't lose the memories or experiences. Everybody else, however...I won't be surprised if the action effectively erases the WoL's true identity out of everybody's memories by doing this, becoming a figure of legend. They will still be remembered by face for what "normal things" they did for people, but not the heavier handed stuff.

Example, the people of Ishgard will remember the PC for having helped end the War as one of the "WoL's allies", but won't be remembered as the WoL. You'll still be known in Azim Steppe because they don't see you as the WoL. You'll still be remembered by the job trainers because you being the WoL came up very little. You'll be remembered for Bozja. You however will NOT be remembered for being a primal slayer, for killing Thordon, for defeating Shinryu and Zenos, etc etc. All the big WoL things you will not be associated with in people's minds.