I've tried the four-wedge system, but for the course-conditions here a XLob(64) is just too-shallow.
My typical league-play set-up is Putter plus Driver, 3w, 5w, 4h, 5i - 9i, PW(46), GW(50), SW(56) and LW(60). The modern 3-iron fairly useless and has about as much loft as my 2-iron used to have, or even an old 1-iron blade. If I really want to add another trouble-wood or the XLob, I'll pull the 6-iron.
What I do find is I have two sets of wedges; one with little-bounce for tight, sparse grass and hard South Jersey sand. The other set has "modern" bounces for lush condition and resort-play when traveling. Sometimes I don't even bother carrying the SW(56) since it still has WAAAAY too-much bounce for the unraked, heavy wet-sand bunkers at our local course.