I really only have two big problems with it.
1.) The restriction on some items that can go in. I tested it out with Leonheart and some of of my relic weapons and you can't put them into it which means I have to keep the gear sets on my hotbar. As for the relic, it took my Zeta but not some of the others like Lux which is strange.
2.) I was REALLY hoping that they would lift some of the class restrictions when it came to this. I can understand weapon since it would just look pure strange but I don't see why I couldn't have my paladin running around in that skin tight black machinist top or something else from another class.
Maybe it will change in the future if enough people say something but I find it easier to stick with the old system at the moment.
Edit: Looked at another post and someone said you can use the armoire to help with getting some of those items.