Assume at least some Specs will continue to include plate tectonics, volcanoes and earthquakes. I'll be signing up for one that does. If iGCSE keeps tectonics as it is not tied to this, and others take it out, then iGCSE here I come!
"Geomorphic processes" includes these topics I guess - though perhaps not so much, with the emphasis in that section seeming to be on the UK...
The headline stuff from Gove (why do they have to include that picture of his inane smug grin on the page? - not very good p.r.) says "In geography, the balance between physical and human geography has been improved" - but I can't see that from the subject criteria - seems to me that physical geography processes and landforms etc. constitute 1/6th of the content (plus climate as another 1/6th, despite initial rumblings that it would be missed out altogether) - unless he means by "improved" that the physical content is to be reduced?
Obviously the most important aspect of all this, as others have said, is how it is interpreted by the exam boards... I'm actually of the view that schools should be free to choose different balances of physical geography at GCSE - as long as there is SOME physical geography in there - I know many schools who would prefer to restrict physical geography as much as possible as it puts their students off, etc. [and grade boundaries are generally lower on physical papers than human papers] - but there are others where the physical geography is the real draw... I know there needs to be some degree of consistency, and all geography students should have a grounding in physical processes - but as I say I'd be happy with a fair degree of variation in the amount of physical geography different Specs include.