Generally, it redistributes funding in a way that will disproportionally affect California, resulting in less funding. It results in less funding increases overall over the next few years. It also allows some measure of price discrimination against pre-existing conditions.

It seems to be better thought out than the previous iteration, which is a low bar. Personally I don't think that a focus on health care is a good idea for either party at the moment, but Republican success in repealing the ACA seems likely to be a Pyrrhic victory at best. However, it's far from a certain thing at the moment, and the actions of two or three Senators could change the picture entirely.