First, and foremost; No. The new Lua console does not suck, you just don't know how to use it.
The new console primarily supports the Lua Programming Language ( http://www.lua.org/ ), not the simple one-lined command input. Lua was implemented for the ease of creating scripts, without creating a full modification to the game.
Yes, I understand that this is a large jump from simple commands to an interpretted language, but never fear, THE OLD COMMANDS CAN BE ACCESSED BY PLACING '!' (without quotes) BEFORE THE COMMAND. But, if you want to stay up-to-date with latest commands and features, I recommend you teach yourself the Lua language ( http://lua-users.org/wiki/LuaTutorial and http://www.lua.org/manual/5.1/ ).
BHOL and VACU suck. *Da-dum-cha!* But seriously, if I learned basic Lua by looking at random bits of code, you people can learn it through reading an actual manual. >_>
Similarily, avoid using all caps or unusual characters, they're painful to read. If we can't figure what's in your thread from the title alone, don't be surprised if it gets locked.