I'm gonna be the odd man out. After playing with this update for a few days, I am VERY pleased. My rating used to get hugely inflated after bounty hunting - sometimes up to 2000. I do 0 pvp other than on the BB. I used to get hit for my rating (didn't bother me, but I always thought "sigh, another useless attack for useless rating."). Right now, after today I completed 12 bounties all over my level and I have a rating of 1200 something. This is a MAJOR change. I would have had a rating around 1800 before the update. I like that defense earns rating. It seperates me from those who hit solely for gold and rating. They pick easier targets in their range, and I pick difficult targets above me. I don't get hit for my rating, and lvl 300 players don't lose the majority of their rating.
Also, I love the 10-hit bounty system. It makes sense. Coupled with the open stamina option, it leaves the punishment for bounties even-handed, while still leaving the option for deleveling inside of guild or allied events. It is a perfect combo of the BOUNTIER and the HUNTER deciding how to hit on the BB. Those placing a ticket set the price (create demand to hit), and hunters can punish counter-bounties. Great!
Showing deflect in the logs - brilliant. It's been asked for awhile now, but this really makes multiple tickets a breeze to sort, even without FSHelper.
Backward gold loss. I wasn't initially a fan, but it makes sense in some scenarios. Haha, I remember an unnamed individual used to hit ppl on the BB with SB on just to take buffs and be annoying (it is a little funny). Those who hit a ridiculous number of times without a point SHOULD lose gold, and, I have not lost much gold at all by stashing between big bounty sets. The verdict is still out for me on this one. I'm sure the first time I get a backward MT, I will be pissed

.
All in all, I think this update is an improvement 1) certainly on the BB, and 2) a small step for PvP off the board. I like to try things out before reviewing (makes sense) and my review after 30 or so bounties is thumbs up!
Additional suggestions: take away any PvP increase for those hitting down outwith their range, but always allow a decreased transfer for defending against low level on the board. This way, those initiating an attack will never shoot down, but they are not "open season" on the BB either.
All for now