The way I look at it... No matter what method is tried, someone's not gonna like it.
I think the current competitive equity thing will work reasonably well given a few seasons to iron out the kinks, get some teams/leagues placed where they should be, etc.
I do agree that D5 and maybe D4 should be truly limited by school size so we don't see really large schools playing down there...
Another thought: This season (and as far as I can see, upcoming seasons also), the playoff season was for some reason shortened by two weeks. I do think the old schedule was a bit overly spread out, but... How 'bout one week? The games now, with all the travel involved for some teams, are jammed wayyyy too close together.
Also, there should not be any round where all six divisions play on the same night.
Then again, I liked the old non-Open enrollment-based setup best... with a couple tweaks...
1) Even with no Open division, probably should be six divisions... for some 1800 schools, six champs seems about right. Believe it or not, Florida has NINE divisions! Now THAT is too many for 726 schools! Oregon has six divisions and 278 schools, WAY too many also... So in this respect, I think we have it about right already... Roughly one champ per 250 schools...
2) Schools were allowed to elect to "play up" stating their Division choice at the start of the season, which I think is great, BUT... Some schools would go up and down to wherever they thought they fit EVERY year. Seems to me an easy fix would be: If a school elects to "play up", it's a multi-year agreement... Three years, maybe even four or five. That way they have to think twice before jumping around...