I voted yes, not for what we saw at Melbourne and will see at Bahrain, but for what it could be with some tweaks such as...
Cars given enough fuel before qualifying starts to complete all 3 mini-sessions (to encourage faster times as qualifying progresses).
Cars must stay out on track, unless they are eliminated, otherwise their lap times are voided (except perhaps a mid- Q3 pit once half the Q3 cars have been eliminated). Unless weather conditions change mid way through a mini-session.
Most, if not all qualifying is done on the hardest tyre compound, to increase the odds of the fuel burning off after time resulting in quicker laps. tyres can only be replaced with another set of the same compound between sessions.
Perhaps allow a change to a driver's chosen option compound half way through Q3, once half the Q3 cars are out (for increased spectacle of seeing must faster times than earlier due to less fuel and much faster tyre compounds).
Cars can complete their current "flying lap" once the elimination timer has reached zero, at any point in any mini-session.
The elimination countdown time is dependent upon the track, set at for example at 107% of the best time from P1/2/3, rather than 1min30secs at each venue.
Tyres used for the race start are determined by the final grid positions after post-qualifying penalties, odd numbers starting on their option compound and even on their prime compound.
Q3 drivers must do a stint in the race with the softest slick tyres they used in Q3, unless rain prevents their use.