Pros: His new system (despite the name) is 95% boxing, kickboxing, wrestling, muay thai, and brazilian jiu jitsu. Those are solid arts with a lot of functionality behind them.
Cons: He's only been studying those arts for about a year and isn't qualified to teach any of them, much less design a new curriculum or system based on an amalgamation of those arts.
I understand Taylor becoming disillusioned with the quality of instruction he had received in his TKD school. The things he criticizes are things I don't care for much either. Unfortunately, those elements are present at a large number of martial arts schools - TKD and otherwise.
I think he's making a mistake in generalizing his experience to all TKD and TMA schools. I definitely think he was being jerkish when he trashed the art and the school while he was still teaching the art at that school. Still, he's young and it's not uncommon for a 21-year old to overgeneralize or be a jerk about something. I was certainly guilty of both when I was his age. (I'm sure I'm still guilty of both from time to time, but hopefully much less often than I was at age 21.)
The biggest problem with Taylor's attempt to start his new "federation" and new curriculum is that he's gotten attached to the idea of being an expert and an authority in the martial arts - even though he has rejected the legitimacy of most of what he has learned. Rather than just starting out fresh as a white belt in BJJ or a novice in Muay Thai and working his way up in his new arts, he wants to still be a teacher.