The patch is not even 20 hours online. A lot of thinks have been change. Before starting a suggestion like this, we should take our time and wait till the dust has settled.
In my feeling, the new system works quit good. MGs are now more are bane then before, as without tracers and the film grain, you cannot get there position as fast as before. A good machine gunner, who changes position recently, you are a real bane for the enemy. And without the crosshair and the hit indicator, you often cant guess if you hit the enemy or not. So suppressing fire might get a valid tactic now.
Pixelshoting over very long ranges seems to be also much more difficult because of the said reasons.
All in all the game (or better the infantry combat) feels much slower and more immersive than before.
But again, we should wait several weeks until a lot of people has become used to the new system and have found out, what tactics are more valid and what tactics wont be used anymore, because they became ineffective.
@tomolyons: Have you played this mod before this patch?
EDIT: The hit indicator wasn't removed, I just played on Forgotten Honor Server...