If what I read was right, the flags decision was made because RISC-V designers knew it is an awful pain for large out-of-order implementations. It is basically feedback from experience. I guess there is much more advantages to only that.
It seems to be also why the core ISA has only 32bits instructions: because smaller instructions hardly brings anything, that based the same feedback from experience. Maybe only on super small ultra tiny embedded micro-controllers with a very old silicon process... This smells more aggressive marketing using super niche or broken programs to justify itself.
Of course, there is no perfect REDUCED ISA: trade-offs were made based on the designers experience. Expect arm people to press hard on the bad side of those trade-offs (a trade-off has good sides and bad sides, definition), because risc-v is a death sentence for them (and they are making a push right now on HN, I can tell you...). Yep, arm and x86_64 have strong IP locks all around the glob... RISC-V, none, free for all to implement.
Nowadays, programs requiring floating point hardware acceleration for reasonable performance use vector machine instructions. I think this is a mistake of RVA2x: the FPU extension should not be there. Only cache line size vector machine instructions should be there. The FPU extension would be for niche/specialized/small hardware. And a scalar is a vector with one used dimension... and the "synchronous"/"inline" handling of floating point operations... yummy.
I have a lot of doubts on compressed instructions, because I don't see code density being that much of an killer feature (it sounds more like arm marketing to me), and I recall reading numbers going in this way and not the other way for the general case.
What I am very sure of: nobody wants to design a clean and modern ISA to handle the "bad" programs, come on, and in the worst case scenario that will fit only some "bads" not all of them anyway, choices will have to be made on the "accelerated bads"... sane? nope.
All that said, I am coding RISC-V and x86_64 assembly, and did a little bit of arm64: for the code I wrote, arm and risc-v were nearly the same.
What I am keeping an eye on is the memory reservation/ZACAS stuff though. Because hart(and io) synchronization in a world of (hart read/write queues) and cache memory coherency seems to be critical for "normal" performance and very quickly.
And another thing people tend to forget: RISC-V is standard across vendors/implementors, namely it is appropriate and reasonable to write fast code path variants in assembly... and that could change A LOT of things, well at least in the "system/kernel area" (extremely hard to do planned obsolescence is a killer feature...).