I think this system is better. It is a better representation of how much you play and your commitment. With the old system however, it relied on whoever just left themselves logged in while they slept or went to school, rather than how much you really played. With this system you have to actually get euros as well as just hours so you actually have to work to level-up. It also gives more of a meaning to jobs and euros beyond just buying a house and bragging rights.
Overall I think it's an improvement.