I actually prefer the new method, primarily for two reasons: Firstly, it was always a gamble whether or not a given lobby was actually still open by the time the connection bars were clear, so you just had to refresh, try, fresh, try again, etc., or host, and secondly, you essentially split the player-base in two by having one half hosting and having another searching for lobbies. Fight-request would (very) occasionally make you join another person's lobby, but that was the exception. Making it automatic also makes sniping people impossible, thereby making certain types of harassing behaviors impossible (in ranked mode at least).
What I would like would be for the confirmation dialogue to provide actual ping numbers, and show the country flag of whoever you've been matched up against. Both of those bits of information can help filter out matches that'll end up being unplayable.