I agree that it looks like a great formula but it has a big handicap as well. Fenerbahce is ranked number 1 here and is supposed to play against the weakest of top 6 but that's not because Fenerbahce is actually the best among other 6, it is because they were lucky and they had very easy opponents in their group while Vakifbank had to play against 3 really strong teams. Same applies for Moscow and Zurich, it all makes the serpentine system questionnable unfortunately
I totally agree that this ranking does not represent actual power of teams (Eczacıbaşı is for sure not the weakest team of these 6) but there should be some pre-determined rules instead of leaving the pairing to CEV's arbitrary initiative Overall ranking would also force teams to play full roster in "unimportant" matches when they already secured their first slot in their group and give the motivation to win as many point as possible so that they can get a good position in the overall ranking.