It's far better. Here's what I think the OWGR needs to set straight.
1. Ranking points based on pure merit of the strength of the field
2. Ranking points based on accomplishment. (ie, tournament strength, placement in field (1 vs 2, 5 vs 25, 40 vs mc, etc)).
I think this new system does a better job of both. It's never going to be perfect. But it would probably help the OWGR is they explicitly labeled their rankings in terms of merit vs probability of future results. Like, what are they aiming for? Or which of the two do they think is more important in determining the rankings? And to what extent? That would help clear the air a bit.