I just posted with the same system (didn't see your post first). Yeah, that is simpiler. Did the system work well for you?
I thought it was great, but I'm a gambler and like the feel of chips and know the values at a glance. Others were less enamored. No one outright hated it, but some people thought having chips made the game feel less RPG and more board game.
We were also using the black chips to mark used powers. And I think we stopped because it was taking too much space. That, and if you stopped the game part way through a day, you had a bunch of writing to do. Writing that would have been done already if you used the typical pen-and-paper approach.
Oh, and I was the leader in that game, and it was very useful to look around and see how many hit points others had. Maybe we will try it again.