It wasn't nerfed that badly. Imagine the backlash from guilds like MATH (i have a few choice words for their bahavior but i won't say them here) and other players who exist thanks to IWAY.
The IWAY's that i have come across after the Nerf have been a walkover... i think the only time iv lost to one was when our monk and our warder left (err 7) Although the Modded IWAY's seem to do quite nicely i wouldnt go to HA to play IWAY unless i was asked to.