Another point would be that the FAA system applies to all FAA registered aircraft, including all those operating outside the US. Moving house is not required ;)

I think a basic reason for the difference in law is that the US has an ownership based aviation culture. Some people certainly rent, but it is considered a stepping stone to a greater expectation of aircraft sole ownership. People tend to take take better care of their own property, and moreover they expect to be left alone to do it. That's just my generalized observation and point of view though.

I find myself in the odd position of being a huge fan of the new system.

Under the old sytem our aircraft was often grounded for weeks for the tri-annual C of A.

Now I feel I have more control and the three annual ARC renewels take up less accumulated time than the C of A. While more expensive (not much) I prefer to have an aircraft to fly rather than one sat in a hangar.