Considering everyone and their mother has posted on this thread, I decided I might as well give in my opinion.
I was around during Aegis, and I have seen what happens with a fully PvP system. To be honest, some of it was great. We could simply have great roleplay before a battle and then fight it out in a balanced way, before going in our own ways. The problem with this system though, is that what about all of the RP a swordsman may do to improve themselves? Every swordsman character I have played has preformed intensive roleplay about improving his skill as a swordsman. What happens if we institute a PvP based system like this? Well, my swordsmen that I have played, and worked on for a long time, could be beat by a three year old child in a fight using the older PvP system.
I am going to side with the roleplay system just for that reason. It would be pointless to carry out so many military drills and actions just to have it ended by a three year old character spam-clicking you to death. To be honest, I loved the old PvP system, I simply do not believe it will work here. Things were different then, and the server has changed. With magic being used more than ever before, and serious roleplay going into swordsmen characters, I simply do not believe this is the way to go.