The biggest news here is that there will be suspensions. That means there will be real repercussions to doing this and players will think twice. I honestly don't think that fines would've been enough.
The NBA will look at plays after the game and divy out the punishment for flopping.
Flopping is absolutely embarassing and it can ruin the game in my opinion. The referees already have such a direct impact on the outcome, more than any other sport, so trying to trick them into bringing things into your favor, it deserves punishment.
Even Celtics players do this regularly *cough* Pierce *cough* but I'm fine with that because it's hard to defend this sport to people who don't watch the NBA, when things like the below would happen regularly: