I agree with the OP 100%.

I'm too used to targeting myself with the up/down buttons and still in the habit of trying to target party members by pressing them as result of playing FFXI so long. I'm constantly switching modes before/after battles by accident as my action bar dissapears when a mob dies (why can't it just stay open?). I guess it will just take some time to get used to, but overall I think a greater benefit would come from allowing party member slection witht he up/down buttons and the ability to assign targeting preferences to any button, or even a combination of buttons.

Oh, and I agree that if they would highlight the enemy's name in red where you can see it's HP/buff/debuff status that would be sweet too.