No, it's complicated. I actually tried it and don't like it, probably because I'm used to the old system. It just feels like there are interrupts all the time, and when I've set my guys up to watch a direction, I don't get the interrupt as I'd expect and I end up getting shot often.
The new chance to hit system is even more complicated, but I'm not seeing much updated information on it. Older stuff says it's buggy, but that's like 2 years old.
It's old, but gives you an idea about how it works.
The New chance to hit system in the 4870 release version of 1.13 is an option you can toggle in the options menu. In the stable unreleased version posted in the link above, it's an option, along with the new interrupt system, in the game start settings.