Nah this format is great. I don't remember the last time we had such a greay day in UCL. Aston-Bayern, Lille-Madrid, Leipzig- Juve, Benfica-Atleti, even Liverpool-Bologna were all fantastic matches. You would be lucky to get 1 or 2 with the last format.
Not only that, but the last day will be exciting for 90% of the teams, and doing really well in the group stages is more rewarding now. If you just watch one team, it might not be as exciting, but if you love to watch other teams, this is by far the superior format.