For the upcoming (2016) Zurich Chess Challenge, a new time control will be put in place. According to chess24,
Six players including former World Champions Vladimir Kramnik and Viswanathan Anand compete in a "new classical" and blitz round-robin event with a novel format and time control.
which is later clarified as
A five round-robin tournament in which players receive 40 minutes plus 10 seconds per move for the entire game.
How is this different from a standard rapid time control? And will this section of the tournament affect the players' classical ELO rating?