Quitter turned silent lurker, false hopes?

If your account is below 13M where you still have toons that need gyros, etc, then Coliseum allows you to bypass gear requirements for new toons, allowing you to catch up on old ones. 

Coliseum is a clear win for these players. 

If your account is above 15M and you don't mind (or like) spending, then paying a bit of money for new toons + the era pass will get you a lot of r10 mats, and that can net you significant advantages in PvP while at the same time being a QoL improvement in places like TB where it sometimes feels like there's too much to do and being able to place a few more battles on auto is increasing peace of mind rather than decreasing fun. 

If you aren't willing to spend and you've got very few or zero toons left to get to g13, then the coliseum is a lot of work for basically nothing. The r10 rewards are enough to do a couple per year, which doesn't let you do full teams for increased auto pays in PvE. Bypassing Kyros or other core gear doesn't matter bc you likely had thousands sitting around anyway. 

It's a truly depressing update for non-spenders in this valley. No benefit, but more to do each day, with pressure to do well since you don't want to miss out on r10 and as bad as the rewards are, one r10 every 3-4 months is very much better than one every 5-6. 

And, of course, they're going to require r10s for the next cap ship and all future GLs. That means I don't even get to place any r10s. I'm just holding on to the materials so that they don't announce a new GL and make me wait 6 months (or 12 for 2 or 3 r10s?) to get the latest shiny. 

Since you said you're a spender, you might have fun if you come back. The update really has worked out well for most people. Just not for this one significant hunk of players who have been loyal and played for long enough to g12 or relic all their toons, but who don't spend on every new character -- or at least not enough to break into the top 30 or so players in their Coliseum shard. 

Hope that gives you a fair overview of where the update worked and didn't so you can make a good decision for yourself and your various accounts.