The proposal sets a limit on the maximum number of validators, namely 1200, and leaves the rest of the parameters unchanged (20000/20DOTs) for nominators. This proposal started as an external motion, meaning that if the Council passes this, the community needs to vote in referenda queue to be executed.
The validator community should be aware that the discussion around minimum DOT stake limit for validators (similar to what was imposed recently on nominators) has already begun on the Polkadot Direction channel, and will be proposed as soon as discussion reaches consensus. Similar to the nominator limits, these limits are for the safety of the network and will grow as the network grows.
The preimage of this proposal can be found HERE.
Context on why this is needed and an explanation of the scaling issues we are seeing on Polkadot Network can be found on the last runtime upgrade post.
Please vote at your convenience!