I replaced my setup almost as soon as I had bought my BR (in 2010), so it now looks like Peter's. If you do the same, you'll probably have to buy a significantly longer mainsheet as well as a fiddle block.
I think this mainsheet arrangement is much easier to use single-handed, in both senses. It's less effort and more fine tuning is possible. Until Peter mentioned it, I hadn't thought of the inconvenience of more string in the bottom of the cockpit but I suppose he has a point. I think it's worth changing the setup and also worth buying a good quality mainsheet, as you'll probably be holding and pulling it far more than any other string on the boat.
I bought this stuff off Jimmy Green Marine : Liros 10mm Braid on Braid x Full Blue. It handles and runs well through the blocks, is brightly-coloured and shows no sign of wear after five years.