Okay, I don't mean to bash the new LP system by saying this, but...staring at a cow made from a pinecone and a few sticks isn't doing something rather meaningless?
Anyway, here are my two cents on the new LP system: it really is quite a bit like socialism. Socialism is a pretty darn good ideal. It just never worked out in reality. The new LP system is slowly starving players much like many of the countries under socialist regimes.
I get why you didn't like the old LP system, and it is much like Capitalism - those who put in the time to work the system (not simply work, mind you) would be able to reap massive profits and has massive power over the lower class.
Nowhere in the world does a successful communist state exist. Nowhere in the world does a purely Capitalist state exist. (for all you on the internet, can you tell me what kind of thing social security is? spreading around wealth? hmm...) The current mechanics governing LP gain are still, clearly, flawed. I'm not saying I have a solution to it, I'm just saying you should really put some time into finding a place between W4 and W5's LP systems that H&H would better fit in to.