The Qlstats page is pretty sparse with the info. It pretty much just says it's calculated based on damage output per unit of time, and adjusted based on the elo of the other player(s) on the server.
It doesn't say whether, in team games, the time in question is the total duration of the game, only the rounds you played (if you joined late) or only the time you are alive. (which would be better since it would discourage hiding and baiting)
It doesn't mention whether the result is taken into consideration in team games. (It should be. Make it about personal score and people will PLAY to get personal score)
So...does anyone know any more about this? So far, it looks to me like under the new system, everyone is about 200 - 300 points higher than they were in the old one. At least in CA, but I guess the relationship is non-linear. I'd ask ppl to post their old and new Elos so we can see a rough comparison, but #1 the new system hasn't had time to settle down yet, and #2 Ask people to state their E-peen size, and only liars and people with big E-peens will answer the question