We recently tested the following, and we were quite confident with it:
Battleship: 17 IPC (no changes to rules)
Cruiser: 9 IPC (Attack decreased to 2)
Battleships now are a real strong weapon, as far as you can afford them. Especially if you already have the superior navy, the hit absorption is useful, as you hopefully don’t lose any units in battles vs smaller navies. A really strong buy for USA and/or Japan.
Cruisers get a completely new job. They are the cheapest way to get a strong defense. Especially useful for defending small groups of transports against enemy air raids. They totally outvalue aircraft carriers in this role, but their ability to support a subsequent land battle is very limited (bombard at only 2. No fighters can participate in defending the land units later on). Therefore Cruisers shine at attacking islands, but carriers are still better for large invasions.