I addressed this on a different thread. My app was received by CIC on May 6 with the old form.
Unlike the previous update (February 2015), this update changes (adds wording) only the "disclosure" statement that appears at the very end of the application (after even the signature), and therefore has no bearing on how any of the questions would be answered, only how your information is stored (and i think shared).
I spoke with a seemingly competent agent from CIC who said it's unlikely CIC will return applications if this is the only change.
If it served a purpose to return and delay applications, then CIC will do so. Is it possible some/all applications get returned? Sure, but I wouldn't bet on too many (if any) being returned. But let's see what happens.