I have been to the CASA seminar on the new FRMS and believe it to be a quantum leap from CAO 48.
The new system addresses the type of operation and considers many additional factors not envisaged 50 years ago. I actually think it will be a great improvement.
Whereas CAO 48 did not distinguish between a single-pilot 8-sector per day operation in an unpressurised piston twin and a multi-crew single-sector duty in controlled airspace, the new rules will have particular relevance (and protections) for each different type of operation.
I look forward to the new system, but do concede that on-call jet charter operators in particular will need to be very careful in regard to rostering.