Ikea's committing real money to this, so yes, European shoppers should see genuine discounts rolling out over the next while. The catch that nobody's mentioned yet is timing - these kinds of initiatives usually hit flagship stores and major cities first, then trickle down to smaller locations. If you're in a rural area or a less busy market, you might be waiting months to see the benefits, or some products might never get the discount treatment in your region.
The other thing to watch is that Ikea tends to use price cuts strategically on bestsellers and staple items to drive foot traffic, while keeping margins steady on less popular stuff. So you'll probably find cheaper sofas and kitchen basics, but niche products or seasonal ranges won't necessarily drop. If there's something specific you want, checking their European site now to see current pricing, then comparing in a few weeks, beats just assuming everything will be cheaper.