I suspect a design with a full decoder every 16-bits might actually win on everything but gate count, mostly because it can deal with variable length instructions and variable number of μops per instruction in the same step. A decoder that doesn't output a μop because it was clobbered by a previous instruction, can be handled the same was as a decoder that didn't output a μop because of μop fusion.
Actually, that approach might actually eliminate the need for the extra pipeline stage (just at the cost of gates).
It's certainly not a deal breaker. But it's a valid criticism of the ISA.