You say you want the older signup system back, but do you want the server to have a horrible uptime percentage also? When there are open signups\tons of signups a day, the flood of new accounts "hurts" the server.
I think that the new signup system is good as it reduces the amount of spam that gets through to the server, however it is slow as it takes some people several times before they even get accepted for the hosting plans.
All in all they should keep the system that they have at the moment.
I wasn't staff that days, but I think the Senior Mods would be able to tell you how difficult it is to manage a system like that. I don't think so, and I wanna stop spamming a little so I'm closing this thread as there's no more need to talk about this.