Didn't mean to imply it was. There's going to be some walking involved in any case, not a rail to rail connection with PATH.
However, closer to PATH or farther away (as the new station would be), it really shouldn't matter because I can't think that too many people require such a connection. If you're going from Penn Station downtown, you use the subway. If you're going from Penn Station to Newark (and points south) you use Amtrak or NJT. If you're going to a train out of Hoboken, you use a NJT with a Midtown Direct or Secaucus Junction.
The only time you would want to use PATH from Penn Station is if you're going to Hoboken itself or Jersey City having arrived from the North or East on Amtrak or LIRR (arriving from the South, you would have transferred at Newark). I can't imagine that's a lot of people, and it doesn't matter that the new thing is farther for some of those few since LIRR wouldn't be using it anyway (as I've understood it).
So it probably doesn't matter if the distance opens up with the new station facilities.
-asg