I haven't browsed the thread, so most of this has probably already been said, but here's my thoughts.
I like this system a lot more than the old system. I dropped from around rank 57k to 94k, so I'm not a very skilled player like most people here. But my 57k rank was very flawed. Almost all of my pp under the old system came from a single old map that hardly anyone was able to full combo (not because of difficulty, but from the poor quality of the map). It was also nearly impossible for me to ever gain any ranks since I couldn't get high enough ranks on songs unless I played maps that were not very commonly played.
This seems to be remedied now, as several of my top performances were not on the list before because they were as low as rank #5000 on the song or lower. I feel some of these were truly my "best performances", even though they are on more popular maps, and it is really nice to see them factoring into the calculations now.
I don't care about a specific number for my ranking, but seeing as it's potentially easier for someone of my skill to go up in rankings, this should give me more motivation to get better since I can see actual progress now. Keep up the good work!