Below is a comparison of how I have spells entered in my 5e realm that I created before the 5e structure was available followed by how the same spell in the new 5e structure.
Personally, I like mine. I like having the attributes broken out for easy sorting rather than typing them into a text field. I guess the later approach makes it easier to cut and past content into RW, but the former approach is much more useful in game prep and play.
Not sure I understand the one-character limitation. Why can't you just use the whole word (M=Material, S=Somatic, V=Verbal)? The printed materials use the one-character abbreviations to save space, something that is less of a concern in RW.
Oh, BTW, in case anyone asks, the reason I put "spell" as the suffix of all spells is so that I differentiate them from non-spell topics in the auto-link dialog. In hindsight, I'm thinking I should have the word spell in the name of every spell article and get in the habit of typing in spell if I want to autolink spells. E.g. "sleep spell" to avoid having RW try to link the word sleep to the spell article every time it appears but to still autolink when I write "the mage casts sleep spell."
My current spell article:
custom5esp.png
Same spell using the new official format:
official5es.png