I can only speak for us:
Before they started making people "officially" return during the time stated on the physical FP we would arrive at rope drop...grab a FP for the ride we wanted to ride most (if you got them early you could pull another one within 45 minutes after that...not 2 hours)...hop on said ride, maybe a couple of times. Put said FP in the wallet.
Then we would ride the next biggest FP attraction according to us and pull another one for that one (45 minutes after we pulled the first one). Put said FP in wallet...and off we go. After that we would grab another one that was disconnected from the system. Put said FP in the wallet. Now it's like 10:45 and I have 3 FPs in my wallet and I have already ridden those rides multiple times.
Now we head off to short waits at HM or POTC. By the time we get off those we can grab another one. So we go grab one for Splash. Put said FP in wallet. Go get some lunch, wish we were in a park that sold beer, and then maybe stroll through a Treehouse or make fun of people in line for a Dole Whip...it differed.
Oh, look..the window is up...grab another one for SpaceM. Put said FP in wallet.
Then we would jump on the Monorail to EPCOT and immediately grab a FP for TT. Put said FP in wallet. Go have a drink or 3 in the WS, and use our TT FP.
Jump on the Monorail back to MK and use all of our FP that I had to physically get out of my wallet whenever we wanted. That was a typical 2 day park. Our touring style averaged 3 parks per day so that was a slowed down day. We pulled as many as 10 FP in one day on a 3 park day.
It may seem like we didn't stop to smell the roses but we did. We just had it down to a science (and we are far from local and have never had APs) and figured out how to make it work for us. I'm pretty sure I did screw about 20 people out of a FP (not really...because they were never gone for the day) on any given day while we were in town. Considering the thousands of people who visits the parks on any given day, I don't think that is a bad ratio.
And since "no one really used FP anyway" I had no guilt whatsoever in our touring style. There are no kids involved, we don't waste a FP on Soarin or TSMM and we've ridden PP more times than should be allowed...so we weren't pulling from that pool.
So, with said, I am not a fan of the current system. If they tweak some things then it might work a little bit better. But nothing changes the fact that it will always be less (at a higher price) than what it offered us in the past.
And I really do apologize to the possible 20 people I screwed over on one of our good days.