It doesn't seem overly complex to me, just more fun.
Instead of simply pitting one Tier 2 against another, it's about a character who has a Tier 2 attack—if they can land it, they might win. But if they miss, then you get into the details of whether they would get a second chance, their defenses, and evasive abilities, you know, the fun part of versus battles. In the end, you end up with a much more accurate Top 15 list.
Edit: Also this is already a smurf list, so regardless Characters are going to have abilities, hax, and amps outside of their original Tier.
And as DontTalk mentioned, if people really prefer the current format, we can always create a new list using that older format, depending on how the vote goes, of course.