I think the "less open 3s" is debatable. There is nothing statistically to show that IMO. The drop we've had in 3PT% from overall games to conference games is pretty typical; right now we are shooting around 2.5% worse. We are actually generating more 3s per game, granted some of that is deceiving b/c we've been behind a couple games and just chucked the last couple minutes. But overall, I'd say we're getting about the same amount of decent shots.
The points on the flaws offense are valid. I think Frank was intent on getting movement away from the ball and more passing b/c the guys were so stagant at times in the old offense. The main negative effect its probably had is slowing us down; we are playing nearly 3 possessions slower during league play than we have for the season. But then again, I'm not so sure that pace may not be better for this team.
I do like some of the things we get from the offense; it creates high-low lobs at times and penetration lanes at times that weren't there in the old offense. It also makes our posts much less back to the basket players and more involved in the offense (setting screens, cutting, even playing on the perimeter) which I think was another thing Frank was after.
Anotehr negative to me is an increased TO rate. We went up from 22.5% for the season to 24.9% in league play, which is essentually when we changed the offense. Part of that is probably increased competition, but last year's team was less than 1% worse in league play compared to overall.
FT rate is slightly better in league play, and OR% is slightly worse and eFG% is quite a bit worse. But again, some drop is normal in league play.