Nope, i dont realy see, why i should be punished.
Ok, it can happen in new content, that i have trouble with the rotation, because im focusing to much of the battle field and arent able to cast (like, in Troja, or the third god raid).
But in overall do i have rarely trouble, with shooting 6 fire4 in one rotation. 3 or maybe even 4x fire 4, than refresher with paradox or fire1, and than again 3 fire4 and Despair as finisher.
And if i feel, that im not able to shoot all, do i simply using flare and despair, to end my mp and go into ice mode. I didnt care so much about it, to have a perfect rotation each time. If i srew up, do i trying to come back into my flow as fast as possible (one thing i like about blm is, that you can easily come back, after you entered your ice phase).

Its possible, that some problems will coming. Like, doing solo content with Blm (i play Blm mostly in group content and had trouble in early solo content). I can hardly imaging the Blm in solo Story fights, because of no self heal option and movement option (like the fight again the old guy in shb, where i needed the heal ability and movement of dancer, to manage that fight) and slow casting time (in the fight again zenos had i mostly used fire 1, because there was rarely time for the strong spells, without instant cast option).
But, i had rarely problems with the Blm in group content. Except of the early runs, where you learn the new stuff. The only thing is, that im not a Player who like the hardest stuff. So, i never tried ultima stuff (i can hardly image success in that with any class). The only extrem stuff that i did was Hydaelin and Zodiac, when they came out. And there had i less trouble.

And, from what i saw, has the Blm mostly only improvements to the earlier stuff. At last, if you using the standard rotations.
Ice spells looks to increase your mp faster as before (had it today multiple times, that i ended up with only 6k mp, because the mp regenerated to slow in the ice phase, after using 2 ice spells). You dont has to keep track of the thunder timer anymore (runned it out, because i forgot them).
And, you will have a additional final attack at the rotation you allready did.
The only thing that i dislike is, that Thunder isnt usable at the start anymore. But that is not much of important. And, that Despair didnt fill the new gauge.

And i dont worry about the mp reg in lower lvl, simply because the blm didnt had any trouble yet. And i fail to see noticable drawbacks, that can not be fixed with the Dream skill (have now a reason to use it sometimes).

The only improvement i would have in my mind now would be, to reduce the casting time of the spells a little.
The biggest problem of the Blm, is his slow speed. That can make the rest of the mechanic worse (reason, why i prefer spell speed in my stuff, even, when im a bit lower, as the speed build say, that you would need).