Yes! I know a lot of people were complaining about its absence, just to complain, but I really do enjoy the new system; it possesses enough order to be a fighting mechanic, but it's chaotic enough to be realistic; there's not a ton of streamline progression in fighting.
One minor suggestion would be the addition of an opponent's health bar and difficulty level, on the opposite side of the screen from the protagonist's health bar. I attacked Madhouse, with no real idea whether or not I was having much of an effect.