I also don't mind about the movelist reduction from SCIV either. About 50% of the moves from each character was either useless or just not a good idea to use. Ivy had a HUGE number of moves in SCIV, but less than half were any good. Those moves were probably good for combo demonstrations, but they would be impractical in an actual fight. Plus, even with a reduced moveset, you can use a lot of the move given in SCV, unlike in SCIV.
There's nothing wrong with the meter system or the move list reduction. People just don't like change.