Well I think it's great.
I'm looking it from player's point of view. No more brutal draws, for instance no.17-32 ranked player getting one of top seeds in the first round. The draw is way more balanced now and offers a chance for all top players to meet each other later in the tournament.
Imagine you are Seppi, ranked inside top 30. In the old times you could draw Federer in the 1st round, but thesedays you are no.21 seed.
But from fan's point of view I know it's less exciting
But hey, even now you can have big upsets like Nadal-Rosol. It's just they are less frequent but so much more epic when they do happen.