I would agree with what everyone has said, with one caveat. There's a trade-off with simplification. Simplification is good on its own, but a slightly more complex system allows you to target very carefully. So if there's something worth targeting, and if we really want to target, then the complexity might be worthwhile. The problem, of course, is that this is a two-hour question and a 30-second response.
On June 1st, 2012. See this statement in context.