To some extent it's personal taste how weak / strong you like your potential opponents to be.
The rating update did not affect the meaning of a difference in mu. So if your opponent is 1 point lower in mu and has the same phi as you, they'll be 7.5 levels below as before the update and your chance of winning is 73%.
The update affected the difference in phi between players and the initial phi of players. This increases the level of new players, as the level is based on some lower bound of the skill (mu-2*phi). I think that this is a good thing of the update (apart from being more accurate in terms of player skills), because I want to be matched with people of similar skill (mu) even if they don't play much (high phi).
So, I guess if you primarily care about the waiting time, you can slightly reduce the range now and have the same waiting time. In general, I would recommend using only +/- 7 levels at most as it gives you more equal matches. But as I said that's a question of taste.
The rating update did not affect the meaning of a difference in mu. So if your opponent is 1 point lower in mu and has the same phi as you, they'll be 7.5 levels below as before the update and your chance of winning is 73%.
The update affected the difference in phi between players and the initial phi of players. This increases the level of new players, as the level is based on some lower bound of the skill (mu-2*phi). I think that this is a good thing of the update (apart from being more accurate in terms of player skills), because I want to be matched with people of similar skill (mu) even if they don't play much (high phi).
So, I guess if you primarily care about the waiting time, you can slightly reduce the range now and have the same waiting time. In general, I would recommend using only +/- 7 levels at most as it gives you more equal matches. But as I said that's a question of taste.