I read a bit earlier in the thread people trying to compare with old school (OS) management. I must react to that because old school is so much different from vintage on that point :
There are several B&R lists (and rules) for OS because of the 'Gathering' part of MTG. When OS was a brand new format, various people agreed to gather around something they enjoyed. They experienced and agreed about what they think is the best experience. This ended up in those different R&R and rules. And there is wisdom in having them still exist : OS cards are a bit less than 1000 so sooner or later the meta is solved (or close enough). Each different B&R produces a different meta which renews the game and make it a more interesting experience in the long run.
In a way, problem that Vintage has to adress is exactly the opposite.
Going back to the subjet of that thread.
I am not very fond of a player management of the format. IMHO the main reason is that it misses the real problem : vintage is not dying because of the B&R management. There are the obvious reasons (reserved list, ...) that every one knows of but i think the real problem is the overall power level in vintage nowadays. Of course, B&R can deal with that but up to some point where it fails. Let me try to elaborate.
In 2011, i went to a BOM tournament and when thinking about what i would play i quickly found out that the meta was basically : play turbo Tezz or play Kudoltha forgemaster (Dredge was there too of course). Historically, Vintage meta has always been quite small but it was the first time i found it that small.
In the following years, a change happened with what was called then the 'Legacy like' decks. It started with BUG and Delver and it never stoped since then. People may say vintage has became powered Legacy but fact is that meta broaden much because of that and that is a good thing in my mind.
But, why did that happen ? When i started Vintage, first thing i learned was 'it is a format where creature strategies are not strong enough'. Somehow, this became false suddenly. Balance between spells and creatures has been a problem since MTG very start (why bother summon a force of nature when opponent need only one mana to sword it ?). Creature power creep is obvious when looking at the various editions and at some point (about 2014) they became good enough for modern vintage. That is not a problem but a hint about something. Power creep in MTG can't be avoided but only slowed down.
In another thread, Brian linked an interesting article about the way Wizard R&D was dealing with it for standard format.
To make it short, they explain that they set the power level range that standard should have and that level is a bit higher than it was. They also design much more cards than before to try to make each standard format a great experience. Results of that is that more and more cards are leaking into Vintage format. I used to be buying playsets of every cards that looked promissing when a new set was published but i stopped : there are just too many of them now !
To sum up before going back to vintage, fact is we are going to see more and more new cards in Vintage.
Some of those cards are too strong in vintage context and the B&R list can deal with them. Still, one of them find a place in most Vintage decks. Some new cards don't deserve being restriced but they do improve existing decks. IMHO the real problem is the density of those cards. Decks are getting stronger and stronger and the pace at which this is happening is making it very problematic (if not out of controle). Out of experience, take a deck you were playing last year or the year before and try it in the current meta. Chance are that you will find the deck to be obselete ... not 'need to be updated' but most probably one turn too slow. That power creep is making the format much quicker than it was up to a point were the critical turn is much too often 'opening hand'.
What are MTG games that you remember or enjoyed ? The ones were you had to battle, where your choices were critical. Mulligan choices are important but there is not much satisfaction in games that end there : you play at your best and objectively make no mistake but you loose because opponent hand was just stronger. This has always happened in MTG games but when it happens much too often it is a real problem.
I am not saying that new cards in the format is a bad thing but saying that managing power level in the format is like walking on the very thin line.
I asked many former vintage players why they stopped. There were personnal reasons of course but the most common answer directly related to the game was : games were boring and not interesting.
Ultimately, the B&R can't deal with that problem unless a really big number of cards are banned and restricted (i am not advocating that but that is just the point : going to that would hint its failure). I don't know what is the good answer to that but i presume it would be a drastic change in the format.
To ends in a more positive way, there is an OS variant that i tried recently that has an interesting rule. Basically the format is no sideboard, exactly singleton 60 cards and 7 points. For example : lotus, LOA, trall and sol ring costs 4 points, moxen mindtwist and walk 3 points, and so on. What is interesting is that system balance card power in a deck but it also adress card availabily (if you don't have power you know that if your opponent has chosen to be playing moxen he won't be able to play other strong cards that you will be playing). I don't know if this would work for vintage (probably not because there are too many cards) but it is an example of alternate way to deal with power level in a format.