What's not to love!
For my DC, 3 choices was plenty. They never had any intention of going to choices 4 or 5. Given that you can swap courses right up until June, this seems like a much better system and no personal statement to worry about or school references for teachers to write. Teachers can teach... and have a weekend!
So you like it because teachers don't have to write references. Ok then.... not sure that's really the point....!
Don't underestimate the impact that having an offer has on kids, particularly those who are disavtantaged. It gives them something to aim for - so many kids need something to focus on, a reason to pull their finger out. An offer is a huge confidence boost, those that feel daunted have months to slowly get used to the idea. With only the possibility of an offer many of those least confident kids will drift, look for alternatives.
If you don't like predicted grades, references or the PS - remove them! Solves all the problems, none of the issues.