Assuming that the Jax we see in the Beta is final, the new patch will definitely hurt him, which is why I've been putting an assload of time into Wrestler in the Beta (the transition is rough, man. I have an easier time playing new characters than I do new variations). Wrestler has OP potential with the new command grab mechanics.
That said, Pumped Up has some good shit going for it, which is why I made it my main for so long. The restands are extremely underrated. Sure, nothing is guaranteed at +3, but Jax has a wide enough array of options that he can pretty much always keep the opponent guessing what he is going to do, which means those options connect more often than not if he plays his cards right. F3, F21, Dash Punch, jump in, Ground Pound, instant air Ground Pound, jump back ground pound... The list goes on.
It being -9 is a bitch for his mindgames and against certain characters, but it is manageable.
His better zoning is a thing, although as players have become more accustomed to the game, it gets harder and harder to zone people out. Still, it's always worth a few extra percent, which can be the difference in a round. The low profiling ability of Ground Pound can throw off the gameplans of many zoning characters.
Honestly, I think I should have picked up Wrestler a little sooner, as PU and Wrestler compliment each other quite well. For some matchups, PU is too unsafe and can really use the safe -4 gotcha ender. For others, Jax needs to capitalize on his ability to get in by dealing more damage, and retain more advantage after combo enders.