Yep, that info is false. My payments didn't double. The notice I got just said the new payments would be:
1% of balance
plus new interest owed
plus any late charges or fees
Pretty cool actually. For those that only pay the minimums, their balance will actually decrease. Though paying just the minimum is begging for trouble.
I can see how this would hurt people with high rates, but for low rate cards I haven't noticed a difference worth mentioning.