I think a lot of the opinion on this new format will depend on what you are looking for out of this meet.
Purist fans of the sport will prefer a championship format where the best individuals excel in competition and events are scheduled based not on what is good for teams or for gender scheduling convenience.
BCS/power program institutions that are looking to contend for team titles and do not depend on distance events are undoubtedly the biggest proponents of this concept.
Personally I am not a fan. I go to track meets to see preferred events, not specific teams. I find that pairing men's and women's heats or finals of the same event is far more interesting than watching athletes from Univ of X race the 400m H then have their teammates follow in the 800m.