It's very black-and-white. Which I find is great at low levels. A little smidgen of dis or adv goes a long way. At higher levels, it's almost on everything, around every corner and it becomes devalued. It becomes a headache to track just as the bonuses from prior editions did, who's granting what, how many of each are out, etc...
It's also very powerful, but I find that power leans heavily in favor of dis advantage regardless of level. You still have to roll well to hit, even with advantage, and it only takes one failure on a disadvantage roll toe fail completely. "Buffs" aren't very buffy (those +1d4's to a roll). I really like the mechanic, but advnatage is by no means a higher guarantee of success. Statistically, you are more likely to miss than you are to hit so doubling your probability to hit does less than doubling your probability to miss.
I wouldn't mind good old +X's back, but I'd still like to keep the numbers down, much like how they limited magical items to +3. A simple rule of "only one buff" with a cap at +3 would easily keep the math down, without having to track too many advs and disadvs.