If anything, the Japanese writing system is very elegant in terms of information flow. In a general sense, each script has its use: kanji for content (meaning), hiragana for function (grammar), katakana for foreign words and sounds. Of course, there are many exceptions to that, but the mix of scripts has benefits for parsing text.
Obviously, the Japanese writing system is not a single constructed system like Hangul, but I don't see any reason why it is inefficient (aside from, perhaps, the time required to learn kanji for school children).