I live quarter of a mile from that roundabout, and I hate it! Takes half an hour to get out of warwick if you try doing it between 5 and 6, and only takes one idiot to ignore the yellow boxes for the whole thing to seize up solid. Traffic queues up down the slip roads and on to the M40 regularly, and it's not unusual for A46soth traffic to be backed up to the IBM exit. Bank holiday weekends, It can be solid in both directions from the island to wellesbourne!
The only trouble with the new road is it will just move the problem up to the next roundabout... oh and 18 months of roadworks...