The draw for the league phase is expected to take place on August 29, 2024. So there is still quite much time until then.
This season the place where the big final is going to be played is Fußball Arena München.

The league phase is going to be underway by September 17 with the first matches. I'm also wondering how this change will feel like. So many things haven't still changed though but I'm only interested in the league phase. Maybe this would help some different teams become more successful in some way.

My favourite for this season is going to be Real Madrid especially after signing Mbappe.

Rather than helping most teams become even more successful like you are suggesting, I'm thinking it will rather stress some more teams because they are not participating in the champions league alone, they have several other leagues to handle , some have their domestic league and a few other tournaments to carry alongside, this put together is enough to get them fatigued at some point and reduce their efficiency. As for the proposed venue for the finals, for me I see it as such an ideal one. Real Madrid happens to be the favourite for most supporters of the champions league this season obviously because of their form and foreseen strength and that's quite understandable.