Explanation of the soft reset:
The soft reset will use this equation 1200+((x-1200)/2) , with x being your current elo. Essentially, it will make anyone below 1200 go up closer to 1200. And anyone above 1200 go down closer to 1200. Zilieas also said they are thinking of capping the elo soft-reset at 1650, so the highest elo players will all be 1650 when s2 starts.
A soft reset will normalize all elo's, so they are closer to 1200. But not exactly 1200, so we don't have the same issue we had last time with everyone of every skillgroup starting at 1200
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tl;dr
Low elo players go up in a soft reset, high elo players go down.
High elo=lose rating
low elo = gain rating
Benifits of a soft reset are, you don't have to worry about getting teamed up against people really far above or below your skill level. It will actually help balance mm alot.
The downsides are... people at like 200 elo will only go back up to like 700 elo, instead of up to 1200. (although in most cases that is a benifit for everyone else, because you don't go down to 200 elo being pro. Thats way below elo hell...)
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The thing is. It took about a year for the elo system to normalize. So going for a hard reset is just gonna be the same nightmare all over again. Mashing up all the players in 1200 will be chaotic as it was the first time. Which is why I consider soft reset the best option.