I am very in favor of a more accurate reaction system. Having experienced what they did with Solasta, I did not find it to impact flow at all. In Solasta, the shield spell was a must have for any spellcaster that could use it, but now, I don't even bother with it. I like having that extra level of control that reactions provide. It makes me feel like I'm more in control and that I'm being clever more often. It also makes me feel cool for getting one over on my enemies and exploiting an opportunity. I like with Paladin smite that I can use it to finally finish off a weakened enemy or really pile it on a strong one I want to get out of the way. I think it does makes combat more interesting because as it is now, whena bunch of enemies have their turns, I generally just check out until it's my turn again. And when there's a lot of enemeies (looking at you, goblin camp) it gets borning waiting and knowing all I can do is wait.
I think this is one of those decisions where there isn't likely to be a satisfying middle-ground. People who really prefer traditional reactions just prefer them, same with people who don't like them. And there's not going to be an argument that changes either party's position on the matter. So in effect we're making these arguments and hoping to convince someone over at Larian.