I can remember last patch when people were losing their **** over Sheik's nerfs, stating she is no longer a relevant character any more. Sure, they removed her arguably most dominating trait (her 50/50), but after a week or so, people discovered that actually, Sheik is still a good character.
I think it's far too early to assume Bayonetta is no longer relevant.
However, I use Bayonetta myself, and judging from first impressions, it looks like these changes could have a rather big impact on her. Again, I'll re-iterate "first impressions", but this doesn't look like it will end up like Diddy or Sheik's nerfs where they remain some of the most dominant characters in the game. It could be a Luigi situation, where the character goes from one of the best, to just a solid character. I can't wait to see what people come up with.