We thought the new system had its plusses and minuses.
Plus - I loved not having to rush to DHS for rope drop to get a TSM FastPass. We were even able to get one for a day we started out at MK. Ditto getting a Splash Mountain FP on a day we started at Epcot without having to wait two or three hours between getting the pass and actually riding. Basically, ditto for every ride that always fills up fast.
Minus - not knowing which rides actually required FP+. We got them for Enchanted Tales with Belle and Under the Sea because I'd never seen either attraction and definitely didn't want to miss out. But we were able to walk onto Under the Sea on arrival night, and then had trouble changing that pass because we don't have smart phones (gotta get those when our contract finally expires). We also nearly walked onto Enchanted Tales arrival night, but they were having technical difficulties, so we did use that pass the next day. For flexibility and being able to decide where to use FP based on actual wait times, I think the old paper FP system was better.
Things I learned from this trip: (1) If you want to ride Peter Pan's Flight and don't want to wait over an hour, use FP+ for it - we never did get on PPF this trip thanks to the long lines and our unnecessary Under the Sea FP+. Ditto for Splash Mountain, Toy Story Mania, and Kilimanjaro Safaris. Soarin' is probably also in that list. Tower of Terror might be. And I was absolutely amazed by the long standby waits at the Great Movie Ride and happy we had FP+ for that one. (2) Any ride with a single rider line does not absolutely require FP+ if you don't mind splitting up. Hubby found that the single rider line at Expedition Everest was actually shorter than the FP+ line. That was not the case for Test Track, but the single-rider wait still wasn't horrendously long. (3) FP+ for shows is hit or miss. It definitely helped at Finding Nemo: The Musical because it got us first dibs on seats and we got a fantastic spot at the front of the rear section, right where several characters run through the audience. At Muppet 3D and American Idol I can't see that FP+ would've been any advantage at all, at least while we were there. And at the Indiana Jones stunt show, we didn't have FP+ while alicemouse and her family did, but we walked in at almost the same time and were able to sit together. I think alicemouse and her family didn't even bother using their FP+ to get in.
By the time we take our next trip, I hope they've instituted the new plan to allow people to get additional FP+ reservations after they've used the first three. I think that will improve the situation to some degree.
Edited to add: Fantasmic FP+ was not necessary for us. The 8:30 show filled to capacity, but we waited for the 10:00 show and found plenty of good seats still available. We would've done that regardless of crowd estimates or FP availability. And just our dumb luck rain started right at 10:00 and cancelled the show just a few minutes in.