I very much like the new system, I usually disable wifi either when it is too flaky or when I need to test something with an external network. Before when I forgot to put it back on my gps location would be slow and drain the battery, not everything is good. I do not use hotspots as my LTE is usually faster and more reliable (not to mention more secure).

However. It seems that there is a clear divide on how this button should work, and this usually means that there should be an option to set the behavior. Apple hates settings but I do believe that they will do something about this in a few releases.