the Art of Renkei was lost by the time CoP released -- LONG before TP-burns made renkeis irrelevant -- why? Because too many Dunes newbies had their hands held being PLed.
Ah, those days huh? Maybe it was a server thing, or maybe you just happen to attract incredible players, but my experience is that people started to experiment with renkeis = mb somewhere in the jungle. They actually started to pay off there.
What PL did do was taking away the need to be inventive. A ws + mb combination could be crucial to the success of a party. Actually, every strategy more sophisticated than just hacking something to smithereens makes a battle more fun. The first job I leveled to lvl 75 was blm, and I am glad I did it in a time when MB's were quite important. You had to pay attention to TP reports because I believe there was no windower (at least I didn't use one back then), your timing had to be fine and you never really knew how much the impact on the mob's health bar would be.
Pl took away the real need to experiment and the entrance of high exp. TP burn parties nailed the coffin shut and sent exp. party fun where it came from.
What's left is the opportunity to level up fast. Blm took me almost nine month - could have become a mom during that period of time. Nowadays you can jump to lvl 75 in one and a half month without anyone raising an eyebrow. It's a whole other kind of fun.
I just have to see for myself in what way a PL can affect certain aspects of a game in order to have an opinion about this.
One nice thought though: when we all start out, nobody has a PL.