With the right strategy you could do more major rides and with short wait re-rides with paper FP than with FP+. If you rope dropped and headed straight to a FP dispenser then rode rides until your return time but got another FP as soon as you could and so on, you could cram a lot in. There was also the benefit that FP returns didn't start at park opening so there was fast moving standby for at least a half an hour.
With park hopping it was even better. Countless times at Epcot or (then) Disney MGM Studios, we'd rope drop, ride and FP E-tickets and then purposely wait until Test Track (Epcot) or RNRC (Studios) was distributing return times after 6PM and grab one. Then we'd hop to usually MK, be able to make use of several FPs for a few hours, go somewhere for dinner and return to the park we started at for a re-ride of the attraction with the longest waits.
Having people like me figure out the perfect strategy is why I wouldn't support going completely back to a system with the exact rules of paper FP. Simply limiting to one FP per attraction per day would keep capacity from getting gobbled up by passholders while once in a lifetime visitors stand on line for 2 hours.