I personally find the loss of the old flavour events to be annoying in itself. Sure, I have had a fairly large number of girls wanting to practice swordfighting, children finding knives in the dungeon, and so on, but it was still fun to get these events. The relative blandness of the outcome is also bad, but I dislike that Conclave disabled all the old events a lot as I don't feel that getting new events should remove old events.
As for whether the old system led to overpowered characters or not, that really came down to how you used it. If you always educated your heir yourself and always picked the best traits, you generally ended up with a fairly good character, but if you either let the AI handle the education or roleplayed the education you generally got a mix of good and bad that changed from one generation to the next (my Kind, Shy, Cynical, and Greedy king isn't going to beat Slothful, Arbitrary, or Craven out of a child, and my Envious, Cruel, and Lustful emperor is likely to take steps to remove traits like Chaste, Charitable, and Content).