The system we have right now is essentially an AH system, with the added nuisance of having to go pick up the item from a retainer. We have price listing, we have goods up for sale in a market and players participating in it... which basically equals to an AH. Our current system discourages monopolization of any items by one player while encouraging total unregulated price competition between sellers. Coupled this with the AH listing showing current sales... we have a buyers market wherein it's easy and cheap (aside from a few "endgame" gear) to get items we want for our characters. This, along with the fact that there's an endless supply of money coming from leves and behests, everyone is more well off in this game. Although the down side to this is that it is harder for crafters to make any money, which I forsee a sharp decline in the number of them.
While the current wards system is not perfect, the bigger issue here is that the economy in this game is flooded with items and are continually being flooded by items that old and new crafters are making. Without a reasonable way to remove some of these items from the market, it drives the prices lower and lower which discourages more and more people to take up a craft. At which then gives players no reason to take it up at all because players can just buy it off the wards.
People are just so against the wards because there is so much stigma attached to it. I admit that it can still be improved (by a longshot) and the fact that we have so much lag in this game as well as the wards keep crashing, that it's hard to aleviate the stigma off the idea.