The AFL draft is an effective equalisation policy, but it lacks, let's say, romance. Personally, I'd love zones to come back in, because I think there should be a strong connection between an AFL club and the geographic region it's supposed to represent, but parity is favoured so that that's a pipe dream.
But the F/S rule is a nice vestige of a simpler time. It's hurt Freo in the short term, but that's no reason to scrap a good policy.