First, if you have the goal wrong, then you might consider that the new system is not achieving it.
Second, if the goal is to cut down on spamming and farming accounts, I think that there is evidence that the new system might have made some progress in that direction. I don't feel like I need to provide that evidence, but at least if you are looking at the actual goals, then that would be a step in the right direction (or redirection).
The most important plus from the updated newbie restrictions, is bringing out the quality content from the former shitposters and spammers, who due to wrong orientation, prioritized quantity over quality.
We now have, lots of self made, member, full members, since the restrictions we're implemented. Contrary to popular opinion that they would return to spamming after achieving the minimum merit requirement needed to wear signatures.
Did prior spammers earn their minimum merit and then go back to spamming? or are you saying something else? Of course, there is going to be some anectdotal evidence, but do we have larger trend data, rather than just a few examples of smarties?