I realized I could just look at the JS and I can answer my own question...so yes your Lyft rates need updating :). Cost per minute is now 0.3 and cost per mile is 1.5
You are correct on your comparison of UberX and Lyft. To me it's dumb - if you're going to adjust your prices, why not match, ESPECIALLY in a commodity industry, unless you're trying to be a premium player?
They'll yammer on all day about how they're community based and thus different, but they had to significantly lower their prices didn't they? What's 50 cents going to be more to match UberX exactly?
http://www.lyft.me/help?article=1263247