To take an electoral system I dislike more than first past the post - the new Senedd system has many shortcomings, but it did not come at a huge change cost! Indeed one common problem with changing electoral systems is it is so easy! It's why we have SV rather than AV for mayors.
Why is it worst than FPTP? The only criticism I can see is no “local” MS as you have how many in one area now.
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I think regional list you're sacrificing some of the benefits of more proportionality while losing the benefits of anything representing genuine local representation. (in practice, for instance, the indy votes are just being tricked into throwing their votes away!)