Personally, I think the proposal to ‘change’ the p-value for significant results from .05 to .005 is a mistake. The only sense in which this proposal has any real bite is if journals and hiring committees respond by treating research that doesn’t meet p < .005 as less important but all that does is make the incentives for the kind of behavior causing all the problems much stronger.
I’d much rather have a well designed (ideally pre-registered) trial at p < .05 than a p < .005 result that is cherry picked as a result of after the fact choice of analysis. Rather than making the distinction between well designed appropriate methodology and dangerous potentially misleading methodology more apparent this further obscures it and tells any scientist who was standing on principle they need to stop hoping their better methodology will be appreciated and do something to compete on p-value with papers published using problematic data analysis.
In particular, I think this kind of proposal doesn’t take sufficient account of the economics and incentives of researchers. Yes, p < .005 studies would be more convincing but they also cost more (both in $ and time) so by telling fledgling researchers they need p < .005 you force them to put all their eggs in one basket making dubious data analysis choices that much more tempting when their study fails to meet the threshold.
What we need is more results blind publication processes (in which journals publish the results based merely on a description of the experimental process without knowledge of what the results found). That would both help combat many of these biases and truly evaluate researchers on their ability not their luck. Ideally such studies would be pre-accepted before results were actually analyzed. Of course there still needs to be a place for merely suggestive work that invites further research but it should be regarded as such without any particular importance assigned to p-value.
However, as these are only my brief immediate thoughts I’m quite open to potential counterarguments.