Wasn't retiring in the old system much faster? Well, at least some people reached ridiculous gens that was the only reason wpf carry-over was even problematic. But they are still, so ...
People reached ridiculous gens after the upkeep patch (jan 2011), due to the ever increasing xp bonus and the removal of the gold cost (wpf carry over was also removed with that patch). The second major patch (in summer 2011 iirc) introduced a cap in gen xp bonus and there was an heirloom theft that retrosized the xp each character had gathered over its whole existence into the new system, approximately dividing the gen count (and thus LP count) of the most intense grinders of the previous patch by 3.
In pre-upkeep cRPG people highlighted a problem with high generations because at that time you could very well level up to insane highs like level 43, and the gen xp bonus was exponential. So even though the increasing gold cost required to retire prohibited people from actually going very far in generations, someone with only say 8 generations could very well attain ridiculous levels in a relatively short time. To me it was ok, only the wpf carry-over needed to go because that was really breaking the balance between the time invested and the ingame power compared to the other things you could do (essentially spending all your X first gens as an agi whore to gather lots of wpf then when you are happy turn into a STR beast without losing those wpf points, since the ratio of wpf points that was carried over increased with your generation, was kinda broken).