I agree with Katz's intention to restore dynamic range to recorded music.
A new metering scale is NOT going to accomplish this.
We already have metering to accomplish this.
If you establish a new 0 db VU at -12,-14, or -20 db DFS, then the minions of loudness will simply produce recordings at +12 +14 or +20 db VU and 0 db DFS.
Think about the fact that music recorded in a multi-million dollar studio costing thousands a day winds up sounding like it was recorded on a 4-trk cassette portastudio using mics from old CB radios.
It is a matter of taste and/or what sells. I have heard many mix/mastering engineers discuss this subject. Most are horrified but squash the dynamic range anyway because that is what sells. If they refuse, the producer will simply get someone else to do it.
It may not even be related to what sells. I saw a study concluding no correlation between loudness and sales (not sure I agree). One producer said it is so everyone can high-five each other at the post production party because the mix is louder than everyone else's.
It is a fad like many other things. When a few killer records are produced that go against the grain, the fad will fade or at least become a curiosity.
Who knows, maybe it will become cool to actually
feature the monster dynamic range modern digital equipment allows.