This sounds "right." Yes, basically copying Universal ca. 2002-2003, without the hotel option. I imagine $100 - $300 is either dynamic pricing, based on time of year, or one time each attraction v. unlimited access. Puts it just below double what Universal gets, IIRC, making Disney parks look premium.
That said, other than for a testing period, I don't see virtual queues or limited crowds going hand-in-hand with this. The Mouse needs long physical lines to sell the value. If I can waltz into Peter Pan with my Lightning Pass but I don't see at least 100 other guests waiting, I feel like a sap instead of a VIP. Same reason restaurant prices skyrocketed in the wake of the Dining Plan. (This is in addition to the valid capacity arguments.)
I also disagree with the host's suggestion Disney might ditch this and return to normal FP. If one thing was clear in the half decade leading up to 2020, it's that WDW was broken. Too much planning, too much waiting for "normie" guests. Honestly this system has worked for two decades at Universal with only minor hiccups when a new ride doesn't have appropriate capacity, and is the best we probably could have hoped for at WDW.