ELI5: Multidimensional EIP-1559 (vitalik’s new proposal)

I tried to read vitalik's new fee structure that's been circulating lately (https://ethresear.ch/t/multidimensional-eip-1559/11651), but I get lost very quickly.

Could someone sum up the proposal from a technical standpoint, and explain its ramifications for the blockchain?

Thanks! Love you all lots!