First time poster here, but I was a non-rated guy from '91 to '98 and can give a bit of history on the 95% promotion rate. In essence, not having to compete for promotion to captain since 2002 has been a direct result of the botched RIF in the 90s, it just took another few years for the low number of remaining officers to undercut the number of required slots at senior ranks. So many CGOs got out that there weren't enough to fill all the Maj slots at normal promotion rates, so the rates went up (and so on for each higher rank). And it wasn't just the RIF that caused it. Life in USAF in general in the 90s was such that guys were getting out in record numbers just to escape the bullshit and ever-reducing budgets. And that was before the wars!
I'm sure there's a formula for manning which means that, in order to sustain that promotion rate to major, you have to promote all your Lts to Capt.
When I was in, promotion rates were (IIRC):
Lt to Capt - 95%
Capt to Maj - 85%
Maj to Lt Col - 75%
Lt Col to Col - 65%
and PRFs had to be done for each board. Meeting passed-over Lt Cols was not uncommon. So, really, your experience of automatic promotion to Capt has been an anomaly used to solve a medium-term manning problem, it's just that you young guys have never known any different. You are now returning to normal mode. Yes, there is, and in normal times always was, a PRF for the Capt board, but I don't remember it being any more a pain in the ass than an OPR. What IS a pain in the ass is the politics of who gets DPs (not that important for Capt, but I do know guys who have been screwed over at senior levels), but that's got nothing to do with writing the PRF.
Now, to add some perspective on this, in my 7 years and 4 bases, I never heard of, never mind knew, an LT not making Captain; meaning it happens but the numbers are so small that, for all intents and purposes, the promotion is automatic. Just keep breathing long enough, don't get a DUI, and don't get caught banging the WG/CC's daughter in the back of his own staff car, and you'll be there.
How this "new" requirement fits into what, from the outside, seems like an increasing amount of bullshit, I can't say, but I'm sure it's no picnic for you guys today. It probably just seems like one more item designed to increase the suck factor but, really, it's just reverting to a previous level of suck.