It's definitely not 'working well' for me. I moved from a 131 slope course with a very easy greens, to a 117 slope course with impossible greens. My scores have been about the same, but thanks to the ridiculous slope rating difference, I need to shoot 5 to 6 shots better at my new course for WHS to rate it the same. There's an 82 at my old course going off my last 20 in two rounds time, so it looks like I need to shoot 77 in one of the Club Champ rounds this weekend. Absolutely zero chance of that. The slope ratings are a joke.
I preferred the old system in the sense that I knew what was going to happen to my handicap straight away, i.e. if I was getting a cut and roughly how much, or whether I was going up 0.1. Now it seems like a total lottery, but I just have to learn to forget about it entirely and wait and see.