Yes - currently if you're an onos with Regen and you have 690/350 health/armor, your next regen tick will only take you to 700/350. It basically boils down to regeneration only really working away from battle due to armor being so important in 3.0. Supposedly in the next version, your unused minutes, er, I mean extra Regen health will roll over into armor, so you would go from 690/350 to about 700/415 (or whatever the onos regen rate is). It'll make it easier to attack a turret farm as you can still get your armor back despite 2 turrets picking away at you.
This will only have an extremely significant effect for onos. It will be a small buff to fade/lerk, but the effect will be most noticable when attacking turret farms.