Before jumping to the conclusion that the event is ruined for you, at least acknowledge the fact that popularity may surge and this event could become similar to Campaign where people team up to clear chambers due to the individual loot system making everyone who walks out a winner.
I dont see how you can't analyze why this change is being made.
WoE failed and the only people who use the event are soloists and linkshells who are bored with XI and want something other than Abyssea to do. As it stands, the community teamwork ideal SE wanted pushed in this event is non-existent.
The "new" WoE encourages teamups and removes many of the issues that would make people wary of joining a PUG. You have instant RR, personal chests upon winning and the removal of single drops eliminates squabbling among the group or soloists holding up the chamber for their own selfish gains. The idea is to team up with people (this is an online multiplayer game afterall) and accomplish the challenges as they come.
Perfect for the low time investment individual you profess yourself to be.
Now we've established that, the last component is demand. If SE adds enough items to keep people going, the event will maintain itself as people /sh, group up and run strats for this Campaign 2.0. Failure means everyone loses out so much like Besieged, leaders will rise and guide the newbies on the best path to victory. Who knows - it could turn out to be something worth doing and an event that unifies the community rather than what we've had in Abyssea.
The event could go from a barren wasteland where people solo coins ad infinitum to a community oriented, low risk, high reward arena where casuals rule and the iron grip of HNM shells is broken. Is this not what the casual community wanted?