I like preferential ballots with a large district magnitude. To me the idea that we would move from our current system, with just the X on the ballot, to a preferential rank that would simply elect one candidate is a big change for no payoff.
However, we have had scenarios in western Canadian provinces in which we've used something similar to single transferable vote. If your district magnitude is large enough, you can solve a number of problems potentially related to strength of party discipline and proportionality, but the kicker is introducing the preferential ballot alongside a larger number of representatives coming from a district. The drawback is that either those districts have to be so much larger than ours are now that it's unfeasible or that we need to do something like tripling the size of the House, which also strikes me as not feasible.