It's a horrible system for those, like myself, that fought hard just to eke our way out of Bronze hell, only to be buried back there again. I was Silver 2 at the end of the season (I may have dropped to 3, now that I think about it, though). After going 6-4 in placements, I ended up in Bronze 4. I knew I'd drop, but had no earthly idea it'd be that hard, especially with a slightly winning record.
Frankly, after spending 6 months fighting my way out of Bronze last season, I'm not willing to endure that unending stream of volatile players again. I will sit out this season, and hopefully Heroes of the Storm is a bit more worth my time! As much as I love LoL, I just don't see myself investing time into it at the same level.