I think most people agree that the market wards need more work but to call it a "festival of failure" is overdoing it. I'm going to go ahead and assume from your name (Dynamis Lord) that you were an FFXI player, and personally I think the FFXI auction system was a lot worse than the current market ward system.
1. Silly price history method instead of actual prices leading to wasted time by bidding in slow increments.
2. Timed auction where if your product doesn't sell in a couple days, it gets removed, meaning you lost the tax money as well.
3. Can only put up 7 items across all auction houses.
4. Inability to sell large quantities of items separately, meaning you either sold it one at a time (thus wasting a valuable slow) or as an entire stack at once.
5. Inability to see who are you buying from. Might be a moot point for a lot of people but personally if I see an LS mate or friend selling something I need to buy I would much rather buy from that person.
Admittedly I have not played or even kept up with FFXI for over two years so I few of my points may have become invalid. However, it is easy to see where the market ward system has improved over the FFXI AH. Once again I'm not arguing that the market wards are the perfect answer to the economy but with a little more tweaking (mainly better UI and more space) it certainly isn't a complete failure either.