Do viewers really care whether a show is "TV-14-D-L-S-V" or "TV-MA-L"? One of the people behind the content ratings thinks it's time for an overhaul: "I think the language on TV has evolved and changed, and I don't know that our ratings quite know what to do with that."
I have to agree with Sniper that parents are the only ones that pay attention to the TV ratings. They'll be the only demographic that is affected by any change. That said, any parent that is paying attention to that (because let's be honest some don't) is already watching the shows their kids watch anyways to make sure the content is appropriate to begin with.