I assume this will still be compatible with our current way of specifying thumbnail sizes, except that it will return the closest match? That is, as a client, I do not need to have any knowledge of 'allowed' sizes. If I request a thumbnail for 310px, I should automatically get a 320px thumbnail and some way of knowing it was rounded up. This should be at the thumb scaler level rather than the API level, so that'll allow clients to continue building thumbnail URLs with knowledge of just the filename without adding an extra network request.
Topic on Talk:Requests for comment/Standardized thumbnails sizes
We're suckers for backwards compatibility so that's probably what we'd end up doing.
Or, if Tim's position prevails we'll keep making arbitrary thumbs, we just won't store them outside of cache. Either way I suspect we've got URL compatibility.