I love the current system for setting up or finding parties the only problem with it is no ones uses it. This I think is mainly due to the fact grind parties are pretty much non existent in FFXIV at the minute as there are very few decent camps to go to and grind in a party. The actual system for finding or setting up a party however is pretty good and I think much better than FFXI put your flag up and wait style.
With the current system if I want to set-up a party I can go to recruit set the exact level ranges I am looking for, what classes I want and how many people I am after. I can even leave a message letting people know what we will be doing ie Raptor Grind Party Rank 42-46. Then I can just leave it and get on with something else while people join and people can jump into the party from anywhere as long as they fit the criteria I have set in my search.
Once the party is filled we head out and after a while someone has to leave so I put up another recruit to fill their spot and we can carry on grinding while the recruit is running, we don't need to stop everything while I search for a rep and send tell's to people.
I could even set the party up for a specific leve like Dunesfolk and only people with Dunesfolk could join so no leechers could sneak in.
If I want to join a party I can search for a party on any of my classes without actually changing to that class and if I fit the criteria that someone is looking for with that class it will show up and I can jump right in.
I can even set it for other things like to look for a Rank 50 Goldsmith to craft me an item I have mats for if I wanted.
It really is a great system the problem is nobody uses it and there is a lack of reasons to use it. Maybe if they added to it so you could set what classes you wanted to LFG for and then party leaders could in addition search for those classes/ranks they want, that would be ok but please don't scrap they whole system and go back to the old ways as that would be a big step backwards.