It worked out to be a success, and when I was a kid in the 80s I can't remember anything else than the new system, except perhaps on film and maybe by some rather old conservatives.
Interestingly, and somewhat both ironically and telling, younger people, those younger than 30 perhaps, have reinvented a NEW formal address ("Ni" [you]) that was previously considered to be rather rude. I must say that although I'm not old enough to really know the old system, I still get a bit annoyed by just that failed attempt to be polite.
I suspect all this linguistic baggage slows down communication and must have some impact on business. Compare it to English - it's so much easier to just get things done when you speak it.