Today was the first time that I've played with Play Points, and I've gotta say, I'm really in favor of them. I had some Phantom Points on my account from Cubing, and seeing as I'm kind of over MTGO Cube I really wasn't ever going to spend them. In that sense, WotC converted my nothing into "tickets" that I could use for constructed queues. Seeing as I tend to burn tickets testing any possible configuration of a deck, I appreciate this.
Saving the time to trade packs that I won into tickets is also a nice boon that I hadn't considered.
Corbin Groothius wrote a short and sweet piece over on Channel Fireball comparing payouts under the old system to the new system, and for the most part everything but Daily Events have improved. If you play Daily Events, this is obviously bad. I recommend contacting the people who make MTGO if this is a concern of yours, but as somebody who wants to be able to log in for an 8-person and then logout, I'm really liking the changes.
One of the comments on Corbin's article posits that a downside of the new system is that the payouts don't matter if nobody plays, but that hasn't been my experience. I've been able to jump into Standard queues, both 8 and 2-person, and have them fire within minutes all day. I'd say I'm not the only one who likes the new system.
How does everybody else feel?