It's too early for me to tell if Draft is going to be better or worse than Arena, but here are a few early thoughts.
I did not enjoy the new drafting process anywhere near as much as the one in Arena (despite Arena's shortcomings). It just felt too restricted and almost "on rails". I can appreciate that there are many more cards and packages that can still be added to the draft mode, but at the moment it just felt like there wasn't enough variety. It feels a bit too "pre-constructed".
I would prefer more player choices during a draft. 11 choices of 1 from 3 just doesn't seem enough. For a start, does it have to be limited to just 3 options? I think having 4 options would make the player feel like they have more say over their draft (5 options might be too many).
As for the options themselves, packages of 3 cards feels limiting too. Even if they don't go back to picking each card individually like in Arena, perhaps packages of 2 cards would be better, or perhaps picking 1 card from 4 options and then selecting a 2 card package from 4 sets that may or may not have synergy with it. The way it is set up at the moment makes it so the weighted RNG mechanic is making a lot of those choices for the player, and thus removing agency from them.
I can see that CDPR are going for a fun approach with plenty of splashy plays and packages, but to me, it currently feels even more unbalanced than Arena was at its worst. I think Draft should be a more fun mode, but probably shouldn't be too crazy too often. Fine tuning may help reduce this problem.
Personally I think I would prefer a format that feels less "constructed", and more like Arena, but with better balance between the overall strength of decks. There are many ways this could have been achieved with Arena, including having fixed minimum amounts of cards of a specific rarity or provision cost, for example, or even allowing an overdraft of a few extra cards then letting the player select say 25 of 30 drafted cards to keep for their run (plus leader and strategem). I appreciate that this is unlikely though as Draft will supplant Arena in the same way that Homecoming did original Beta Gwent. Things move on and that's just how it is.
As for the question of cooldowns between drafts, entry fees and prizes, I would strongly prefer them, but appreciate that those can come later when Draft mode is out of Beta.
I'm not against this Draft mode, but I'm not keen on it as it is right now. Hopefully feedback from this Beta will help CDPR improve and refine it.