Looking through my accounts, I noticed that my smaller channel still maintains a Partners Verified Status. This leads me to believe that channels who are partners now may maintain their status. We will have to wait and see though.
As for the official FAQ page, they say all features that you are using now, with the exception of monetization, will still be available to you, although they do say you will no longer be in YPP. Yup, it's confusing...