I can tell you what's wrong with it.  Han unification for one.  The 
unicode consortium adopted the mantra "characters not glyphs".  So 
they coded up all the Hangul characters and unified characters that 
are called the same and mean the same thing across some asian 
languages.  The problem is that they do not draw the characters the 
same.  This makes it awkward to mix certain asian languages because 
they are "sharing" characters and there isn't enough contextual 
information to tell if you should draw them like they do in China or 
Japan.

Additionally, ASCII has been encoded into unicode twice - specifically 
to support half and full width typography (in violation of above 
mantra) for Japanese.

Unicode wasn't a bad first attempt, but it ought not to be the last 
one.