Ok I'm finally awake and can give my full thoughts.
The system seems to be ok. I like it. Giving the people the ability to get a master and exalted sig by just playing and being active is good. Its something most people always wanted.
However. And here is probably my biggest gripe with the system as is. Do not limit characters to 1 master and 1 exalted or 2 masters.(not going to talk about mythics as being able to app for them still is a good thing.) There are lots of issues with this.
It takes away player freedom. That's my biggest gripe. If I can only have 2 masters or 1 exalted and 1 master then I'm going to have to be very picky on which one I go for that fits my character and that I want. Because now I know I cant dev for another one that fits my character.(assuming we cant dev for more I have yet to see if that's been confirmed or not. hint my major gripe with it. But based on what i saw it seems to be that mythic level sigs are the only ones we can app for.)
Second. What about trees that don't have lots of sigs? Like earth. I see three earth sigs in the entire list. One I was already working towards. One i cant get cause i don't have metal unless we are ignoring the required trees which is a issue in itself since most of the exalted line as of the moment I'm looking at it are all occult/holy/energy for the most part. With a few others in there but those three being the main sigs in that list. The last sig that's earth I could get I don't want since it doesn't fit my character or the playstyle I am using. So a custom stance is the last option since no exalted moves and no other master moves that make sense. Which leads to my last issue.
Min maxing. Its going to happen with the new system. Even more so that the other one with the fact that we are limiting people. Now instead of someone picking a sig that fit their character through their roleplaying and development towards it now they can get one by just existing. And with a limit attached it means people are going to go whatever fits their build over what fits their IC if they can.
The ability to app for more master and exalted sigs should be allowed. It would be completely optional so others don't have to if they want a sig they can just use the ones at 30k and 100k and then if others want to get more than that or possibly get one sooner due to their roleplaying and dev then allow them to app.