Meh, I don't like how they're limiting the number of replays and having the managers in charge. I think the challenges and replays need to be like how the NBA and college football implement them. Whenever a close play happens, have a crew of guys in a booth replay them automatically. This way, there isn't a time constraint on things. We aren't having to wait for managers to ask for a replay or challenge. If there's a close play at a bag, or there's a close call on a ball or strike that results in an out or a run scored, then just review it automatically. If the play needs to be overturned, then alert the umpiring crew.
The game has slowed down too much as it is. Having six potential managerial replays will make the game slow down even more -- if you're going to have replays and challenges, have them seamlessly integrated into the game. It doesn't need to be like the NFL. I don't think that style fits with the flow of a baseball game.