The security of one-on-one and group chats which involve only other iMessage users will be unaffected by this change.
The security of one-on-one and group chats which involve any mix of RCS users and one or more iMessage will not be any worse than it was before the change. Apple has said that they will not incorporate any nonstandard features which aren't mandated by the Universal Profile; therefore it follows that Google's end-to-end encryption feature will be absent. However, point-to-point encryption (using TLS) will be used for the connection from your handset to the RCS server. This, at least, is more than what's currently done when messages are sent using SMS.
The net effect will be, that it will not be practical for 3rd parties sniffing packets over the air to intercept the content of your RCS messages the way it would have been possible to do with legacy SMS/MMS. However, the RCS server itself will still have access to the message's full text as it undoes the sender-to-server encryption, and then re-wraps it up in the server-to-receiver encryption.
Apple has committed to working with the GSMA to improve future revisions of the Universal Profile specification. This could potentially include providing a standardized implementation of end-to-end encryption as well. Only time will tell.
This assumes, by the way, that the iPhone itself will gain the ability to talk directly to your carrier's RCS server. (Or, it might fall back to using some carrier-agnostic server in the case that your carrier doesn't operate its own server.) That assumption introduces some very real usability use cases which could make the whole system even more fragile than the MMS/SMS fallback that exists today: For example, what happens if your group chat includes a mix of some RCS users, some "new" iPhone users, and some "old" iPhone users? (Presumably the new Messages app with RCS compatibility will not be rolled out to obsolete iOS versions.)
This sort of use case would be much better served if Apple added RCS compatibility by way of federating in the back-end server: The Messages app continues to talk exclusively using the iMessage protocol to the iMessage server; and then the iMessage server takes responsibility for relaying messages to/from the relevant RCS service provider(s) on an as-needed basis.
But at this stage, we really don't have any definitive indication of exactly how Apple will end up implementing this.