Hash algo is changed from scrypt(1024, 1, 1) to scrypt(N, 1, 1).
What about
scrypt(N, 4, 1) to make it even more CPU-friendly?
Using scrypt(N, 1, 1) means that only solo cpu mining will work until someone will fork mining pool software or implement GPU miner. All existing miners aren't compatible.
Won't really work. It will take only a day to write GPU miner.
EDIT: Seems I confused 2nd parameter. I meant 4x-parallelization to use SSE-instructions.