I actually like it better than I expected, having the last 4 at-large teams (typically 11th or 12th seeds) play the last 4 automatics (typically 16th seeds) with the winners getting in on the 11 or 12 line.
The play-in games become relevant. No change in format would be better under the "ain't broke, don't fix it" axiom, but some of the play-in games will be watchable now. Also the #1 seeds will get a slightly tougher 1st round test against what would have been a #15 seed under the old system. As you know, #1 seeds have never lost in round 1. #2 seeds have lost in the first round, though rarely.