The only drawback I know of to Texel is that cruising cats have no chance against beach cats. My guess is that is because the former generally spend all their time on two hulls or the formula doesn't take stuff like "bridgedeck saloon presented surface area" into account. Other than that most people seem to be happy about the latest incarnation (It did take them a while to account for the extra area a square top produces vs a pin top).
When it comes to organizing a race, Texel spends a lot of time and effort actually physically measuring freaky boats that show up. Don't know if that makes it less work compared to sending in the results for a yardstick.