Ok it's never going to be off the scale exciting but personally I found the old system with cars coming across the line one by one, the tension and excitement was high whether they would improve. That's not just for pole either, you had 8-10 cars finishing at or after the chequered flag, all with their final push. You saw shock jumps into the top three right at the death, four or five cars hitting pole only to be beaten and so on.
Even with the early sessions you could have some excitement, cars just sneaking it at the last moment, other drivers missing out you didn't expect. Or you had the race against time for the pit crew to get a car ready, doing so just in time for one hot lap at the end of Q1, can they make it?! No such thing here, if we get to a race where a car isn't quite ready at start of Q1, he's out.
With this format it can just never build to a climax. Remember even if this system worked perfectly as the FIA intended you would still only have two cars running at the death of each session. One will end up first, one second. There is no place for the guy in 9th to put together a stellar lap and jump to 3rd, he is long out of the picture.