There is room in Magic for many formats!
I'm not sure about that.
Most Magic tournaments are held in small shops that have a limited ability to host events. These shops usually sell other TCGs as well as miniatures, etc. and many are already running as many tournaments as they can manage. Unless you have a huge player base, large amounts of floor space, and a few dedicated judges; it's difficult to add more regular events and that means that something else is likely going to get cut. This doesn't consider the sad fact that there are stores who simply don't like holding events because Magic players have a reputation for selling/trading with each other rather than buying singles from the host store, arguing with judges (and complaining to the DCI if they don't get their way), creating a generally unpleasant atmosphere for non-Magic playing customers, and stealing from both the store and other players. I know this because I've tried to get some of the local stores to host Magic tournaments and I can't get them to even hold drafts, which seems like an obvious money maker.
Anyway, unless WotC pushes the new format (makes it a part of the pro tour) it won't be as big as Standard/Extended/Block, it won't have the aura of coolness that is T1, and it won't generate revenue like Limited. Unless a store is already hosting 1.5 events, I don't see that store hosting the new format for anything other than a trial run.