Likes: Simplicity and excitingness--maybe. See below.
Dislike: Poor return on sales. If a DM gives you a lot of cash and wondrous items, and only gives you new slotted items when it's a significant boost for you, you end up with a lot of value as you progress in level. If the DM gives you lots of potions and slotted items (especially ones you have no interest in), you end up having to sell or expend more, and you end up with significantly less over time. DMs will still have to conduct wealth-by-level audits every once in a while to make sure that the players' buying and spending habits ended them up in the right place.
In fact, for a discerning player, this can even diminish the "exciting" factor. As in, "What, a +1 Frost Longsword? That's nice, but I just got a +1 Vicious Longsword last level. So long, longsword, I hardly knew ye, and now you're just 100 gp." Whereas an item that uses a different slot--best case would be an unfilled slot, but one that just hasn't been updated in a long time would be good, too--would end up being worth more.
I also dislike the "markup" mechanic. You save up money for three levels to buy the toy you really want... and at the next town, it has a 40% markup. If you can afford it at all at that price, is it better to go ahead and buy it, losing huge amounts of money in the process, or should you wait and try your luck in another town? Or can that markup be bargained down with skill checks, effectively making Diplomacy training worth cash? Or, you can disenchant your gear and use the energy to enchant something else, which is somehow less efficient than just selling it (which seems odd--why does the more difficult way of getting rid of loot also net you the inferior return?).