Valenti has announced that he is stepping down from his post last April. He has urged the MPAA to hurry up in hiring his successor. I don't know why this is just now making the rounds of some of the news organizations.
Anyhow, who can say how things will change? According to Wired, Valenti will still have a hand in film ratings. That's an area that is badly in need of revision. It seems so arbitrary at the moment. We have films like SCHOOL OF ROCK getting a PG13 for saying something along the lines of "He must be high," yet SW:TPM gets a PG even though a scary horned guy is sliced in half with a spray of blood.
As for the lobbying end of the MPAA, I hope that the new leader has a better grasp of where technology is headed so that the MPAA can adapt to instead of fight technology. With Internet speeds increasing, I can see a time where you can pay to download an entire DVD and burn it yourself, ala iTunes. With the right DRM, I can see this becoming a huge revenue stream for the studios.
Valenti has fought change tooth and nail. I'm glad he's gone.