I must admit this is a system thas has a lot of appeal on me. I see a page full of task to do and i'm already happy, thinking about the most efficient way to complete them. I love the fact that i can choose where to complete them so that i don't have to endure a level 5 defense on earth for a nitain or an archwing intercept for an helmet. But this is where the issue starts with this new system.
The time comparison to get something between alerts and nightwave is insane. I wanted an helmet? With alerts: 5 minutes and I had my bp. Now? I see an helmet and i want it but I don't have any Wolf Cred. So I check how to earn them but I quickly realize that they are given for ranking up and I can't reach them with the amount of tasks I currently have on the Nightwave dashboard. So I must wait 4 days for the tasks to refresh... but at that time the Cred Offerings would have refreshed too, so i'm going to reach the 50x Wolf Cred but the helmet will be gone. Now I must wait another x days for it to refresh and hope for it to return. That's pretty insane.
Also we only have a total of 150 Wolf Cred on the entire rank up roadmap. That's an extremely low amount for a system that should replace the same amount of freedom we had with alerts. Why can't we earn some of them from the tasks and use it for smaller rewards? Like "complete a daily task and you're awarded 1000 standing and 1 Wolf Cred"; "Weekly task: 3000 standing 3xWolf Cred", then you have a single nitain that costs 3xCred and you have the batch of 5 at the current price. Also: half of them are gone if you use them to buy a catalyst.
The other thing that's really putting me down right now is the "rich stories" you promised us. Now we have a Grineer that managed to escape from a Max-Pen. I mean, that's all? It's a voiceover of 45 seconds over a diorama, it can't be all! I want to know more about him. Why did he ended up on a max-pen? How did he escaped? And where are those animated in-game comics you promised for this new system? I don't know if you unlock more part of the story when you rank up, I certainly hope so, but right now there's nothing that's making me thinking this will happen. (Eagerly awaiting to be proven wrong with this one!)
Reading some comments on this thread I also saw that you can already meet The Wolf in game, randomly. I'm mildly disappointed by this. I want to fight him but i want the fight to be a special one. Maybe something along the line of a Nora transmission declaring that "the wolf has been seen wandering near neptune" and then you get a time limited mission mark on your star chart where you can find him.