This is great, and it was definitely a change that was very needed.
With the current Elo system, players that have won a few games early are given a much higher elo, and I think this creates a temporary misplacement of players. Someone that is 5/5 having a higher elo than someone that is 100/90 does not make sense in my opinion.. (this does happen at lower elo depending on whether u won the first few games or not) and this new matchmaking system definitely counteracts that to a certain degree..
perhaps if this causes a problem with smurfs, then implementing this system only among lower elos ( perhaps below 1500) may also be a solution.. if ur at an elo higher than that, i think chances are much higher that u deserve to be up there..
anyway, i think this is a great change, and it will help a lot of good players who are stuck in elo hell. Thank you riot