The new point system is actually not as bad as you think. In fact, in terms of purchasing power in dollar amounts from purchases, the new system is the same as the old system.
Let's take 75192 Millennium Falcon for example.
Under the old system, you earn 800 points for this $800 purchase. The 800 points are worth $40 under the old system.
Under the new system, you earn 5200 points for this $800 purchase. The 5200 points are worth $40 under the new system.
I believe that the point system change is made so that Lego could award reduced-value "round-figure" points (e.g., 100, 200, 300, etc.) to members for activities other than purchases.