If you click on my FIDE Card today you will see that Sunningdale, Gatwick and Benasque gave me a total of 17 games for rating purposes and an expected elo of 2049. That might become a tad lower if the results from Twyford make it through in time, but either way my rating will be pretty close to the result that you get if you apply the official conversion formula of 'x8 +650' to my new ECF grade of 172. I have no particular axe to grind for or against either system, then, but I do neverthless follow the debates about which one is best with some interest.
The ECF Grading regime's strong point is its simplicity. You take your opponent's rating and add fifty if you win or subtract fifty if you lose, the average of all such results over the season being your grade for the following year. Tournament Performance Ratings can be calculated in one's head or, at the most, be worked out swiftly using nothing more than a pad of paper and a pencil.
Mucho KISS points it might have, but the ECF three-digit rating method definitely has its anomalies. Consider what would happen if a pair of chessers, an ECF 200 and an ECF 150, played ten games against each other and scored three wins each with the remaining four drawn. You'd think that they'd be rewarded equally, but instead of the pair of them ending up as ECF 175s the 200 would become a 150 and the 150 would become a 200. This, probably the most widely cited of the curiosities that the current system can throw up, does not sound good at all, does it?
For elo systems, though, the reverse seems to be true. They avoid the 'grade swap' problem - at least I think they do - but they're fiendishly complicated. In fact I'm not even going to bother trying to explain how they work so if you're interested you might want to have a peek at the wiki article on the subject although I will mention as an aside that if you manage to finish it, you're a better man than I.
Some people say that the elo method also often fails to accurately reflect the strength of rapidly improving players. That may well be true, although I've always wondered whether that issue might be a function of the number of rated games a person plays. If so, the fact that there are more and more opportunities to play elo rated games these days - Twyford, for example, not to mention the excellent e2e4 tournaments run by Sean Hewitt and the 4NCL of course - will improve the system no end. Presumably publishing a rating list six times a year helps ameliorate the problem too.
We can't just sub-contract the whole business to FIDE because British club games don't qualify as rateable (the playing sessions aren't long enough). That doesn't mean the ECF can't scrap the existing system and come up with one based on Elo principles instead, though.
British chessers, your choice is clear.