This game mode is simply way too close to domination, and not what people are looking to play on. They want conquest small, and this is an attempt at a tighter version of it, but this game mode eliminates what makes conquest actually conquest due to the flag designs and mechanics.
-To start on a positive, the flag layouts are optimal, the triangle format seems to be the best choice unless you make the map extremely wide where a linear format would not result in too easy of a lockdown (see Arica Harbor from BC2 conquest).
-The flag capture zones are too small and open, if an enemy wants to come to a flag they see is being captured, they can easily find you and pick you off. This is particularly relevant when the enemy tank comes to a flag, and on a select few flags that are easily exposed.
-Flag capture times are way too fast, it's like capturing a domination flag. The excitement of conquest is to take an enemy flag and defend your position as the enemy tries to contest your takeover, while using teamwork to hold a flag down with your squad and/or team. In squad conquest, the experience plays like domination where you take a flag very fast, go on the outskirts around the map and ignore the objective.
-Trying to contest a flag that an enemy is taking is almost pointless unless it's at the end of the game; The flags get taken so quickly that it's better to just wait for the enemy to move off it, kill them and then take the flag yourself. The flag will be neutralized so fast that you don't have to worry about spawns. Pretty much domination.
Each flag should be like it's own fortification, have it's own layout and way of playing on it. There are very few flags that actually have this, "A" on Arras conquest is a decent example of this, although the spawns out in the open are less than desirable. All of these things were employed in a game designed around conquest small, Bad Company 2. Great examples of this from BC2 are conquest "small" on Arica Harbor and Laguna Alta. It is beyond me why DICE is struggling to recreate the magic that makes Battlefield the game that so many love.