The issue with Noel has never been her baby-level execution. I mean, this is annoying considering many characters (*cough* Litchi *cough*) do a lot more work for a lot less damage but Ragna has always been a bigger deal in that regard.
The big issue with Noel (and the origin of the drive spam complaints) is that Noel's drives all have bizarre properties that are unique to Noel and are not accurately illustrated by the game. This makes a lot of them very spammable (4D in CSEX, 6D in pretty much every revision, 2D sometimes) in situations where other characters are required to think. Her drives must be baited properly, and many of them can punish their own bait, requiring two correct guesses. Yes, Noel is not an amazing character because she can be punished very hard and has lots of gaping weaknesses, but she is very, very frustrating to play against because of the properties of her drives and the way they take a lot of the thought out of playing an offensive game. This is just exacerbated by her "hit 'em low and take 'em to the corner" gameplan advocated by her CSEX design.
I've said it before; CSEX Noel is probably the worst designed fighting game character in any fighting game I've ever played. I sure hope they've done something about that.
EDIT: I think the best (and most ridiculous) example of this is 4D > Crossup followup. This allows you to anti-air for free, requires your opponent to read a punish-punish and block the other way, and even counts as a good hitconfirm if you're close enough to the corner. This option is so good and also gets you an ass ton of damage.