Erik, and an anonymous source have labeled Dr. Knuth's article in Golf Digest as wrong and having errors. So I think it would be instructive to examine the article in detail. Why do it on this website? Because Dr. Knuth supports his reasoning with reasoning of Tom Doak. Why do it on this thread? Because this thread asks if the new system is "Good", and Dr. Knuth suggests it falls short of optimal.
In his first paragraph, he points out that par is unnecessary for a handicap system. I hope there are no USGA members that would take issue with that.
In the next bit, he gives the two different course handicap formulas, and points out that the one using par has some usefulness for countries posting Stableford points instead of medal scores for handicap purposes, as Stableford points are derived from hole pars.
The crux of the matter comes down to the next paragraph where he points out that course rating is a far more accurate measure of course difficulty, and notes that others, including Tom Doak, have adopted an "Abandon Par" ideology. Then comes the crux, "calculating a handicap around a less reliable measure of difficulty inherently makes for a less equitable system."
In the next paragraph he correctly points out that the new formula produces a wide range of course handicaps for a player as he moves from the set of tees at one end of the spectrum to the set of tees at the other end of the spectrum. He calls this an "imperfect “over-spreading” of the course handicaps." My interpretation of this is that you are now adjusting to an imperfect measurement of the difficulty of the hole, par. Other interpretations are possible. He concludes the paragraph by accurately noting that from longer tees you will get more strokes, probably pleasing you, and that from shorter tees you will get less strokes, probably displeasing you.
The next paragraph gives the results of calculations he has done based on a large sample of courses in Southern California. I am confident that he would get those calculations correct. And, no one can challenge them unless they can show a large sample across a large variation is golf course difficulty that calculates to a different result.
In the next paragraph, he points out that when the course rating differs by .5 from from the par, half of the players will get their course handicap changed while the other half will not. Can anyone challenge that? I think not.
In the next paragraph, he points out that the USGA says the new system is "more intuitive". As I posted earlier, I find this to be a benefit, because unknowing players think the old handicap adjusts to par, not course rating, and I have to correct them. But, is this justification for changing?
In the next paragraph he writes, "Golfers competing from more forward tees will be receiving fewer strokes than is truly equitable." This is what I will have to study more to satisfy myself either way.
The next USGA argument given in the next paragraph is the old system required a handicap adjustment for players playing from different tees. IMO Dr. Knuth adequately counters this argument. However, I think the USGA's argument is now specious. The USGA now requires you go to the computer every time you play to get your handicap. All they needed to do is have the software to tell you the adjustment for competing from different tees if you need it when you are there on the computer.
I will post this much now and get back to the rest of his article when I have my next block of time.