I feel like we've been here before... But for what it's worth I also disagree with the new system, for all the reasons previously outlined by the likes of Nick. But, to add slightly more weight, both my dad and brother also preferred the old system, as riders who have started a lot of races around the mountain course.
Dad often said that you don't get anywhere by winning practice. So he'd use it to sort the bike out and would often lap 7 or 8 mph slower than he would later go in the race! This strikes me as a good decision, as he started around 80 races around the island, winning over 30 replicas and finishing on the podium 12 times. He also never had an accident in the Isle of Man and that's roughly 600+ laps.
Now he often talks to Olie about the pressure the riders are all under at the TT, particularly in practice. Like you say Eddy, the riders all know the risks every time they go out. So why intensify this by making them push on bikes that aren't yet sorted? And if they are happy with the way the bike is handling over the bumpy sections and through the fast corners, then why make them ride at 100% every lap of practice? There's no prize for winning practice (at least there didn't used to be)!