I've talked with current LSOs about Magic Carpet. It leverages existing flight control architecture by simply re-writing the control response with gear down.
I don't know the dependencies, i.e. does it need ACLS or other ship's data? Without knowing the ship's dependencies, I can't tell you if the "take a dump" criticism is a small risk, or a large one. I've got a lot of confidence in the Hornet flight control system. It's a good system with a proven track record. Ship's systems, and in particular, interface with aircraft, have a less reassuring record.
The LSOs love Magic Carpet. They rave about how easy it makes flying aboard. Trust me when I tell you that the F/A-18 was already easy to bring aboard. This is an order of magnitude better than the existing method of hand-flown corrections.
I've got concerns because, frankly, if you don't have Magic Carpet, and you have to go back to the old way, without ever having trained to the old way, then you're in trouble...
The 20% estimate of time/cost on training for carrier landings is a rough number. But it's not far off. We used to spend a ton of money on FCLP (Field Carrier Landing Practice) and on CQ (Carrier Quals). As the thinking goes, if those skills are no longer needed, then that money can be spent elsewhere (on training for other missions, for example) or simply saved. The USAF spends zero dollars on FCLP, of course, and it used to be that their fighter pilots weren't even allowed to practice landings at the end of a mission. Full-stop only.
If this makes landing on the Carrier as simple as landing on a runway, the bean counters will certainly argue for full stop only, and no more money for carrier landing training.
It's a radical shift in perspective, that's for certain.
What used to separate Naval Aviators from everyone else was the hand-eye precision of landing a fighter on a carrier. The F-14 was the hardest of those, and many young pilots did not make it through training because of their inability to achieve the necessary level of skill. There were a notable few who did make it through training on the F-14 who should not have, but Kara Hutlgreen, et. al. is a discussion for another time.
Perhaps my concerns are visceral. The technology is taking away what made us special. If the technology is reliable, and makes carrier landings easier, it clearly improves safety.
But even then, I feel like we are losing something, and getting one step further from the pilot who is able to bring the airplane aboard under difficult circumstances.
I talked about one of those times, in my youth, here:
https://www.bobistheoilguy.com/forums/ubbthreads.php/topics/5020028/26
I talked about the anatomy of a carrier landing here:
https://www.bobistheoilguy.com/forums/ubbthreads.php/topics/2911273/6
A bit more here:
https://www.bobistheoilguy.com/forums/ubbthreads.php/topics/2911273/20
The parameters are similar. It's still a carrier. But, with Magic Carpet, the control of those parameters is fundamentally changed.