Not very optimistic here.
What they're doing is removing many factors from the calculation.. which in theory should make a less accurate ranking. I think the problem is rather with the weighting of the factors: for example I know european qualifying matches are worth more than, say, oceanic qualifying matches, but the differences they give for it aren't anywhere near enough.
Anyway, even if they improve it, it doesn't matter, people will always moan about it and say it doesn't represent the truth. It will never satisfy everyone.
The only good thing that seems capable of coming out of this is tennis-like match-buildup of how the rankings will be affected: example, "if France wins tomorrow they become #1 in the world".
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