I don't like ranked choice voting because it still has too much incentive for tactical voting. My preference is for voting that does the most to encourage the casting of a sincere vote.
I do sympathize with the idea of ranked voting. I really do. First past the post (the typical American voting system) is terrible. It greatly encourages the casting of a tactical vote. You might want to vote for a third party candidate Z, but major party candidate X is terrible and must not win!!! So maybe you hold your nose and vote for major party alternative candidate Y. Or you vote for the third party candidate Z, but then feel bad because candidate X won and you didn't do anything to stop that. Ranked voting at least involves a sincere vote and a tactical vote in your ranking. You could vote Z > Y > X, or maybe Y > Z > X.
Personally, I prefer range voting. In that case, you score each candidate you wish. For instance, you could assign Z a score of 10/10, Y a score of 5/10, and X a score of 1/10, if that is how you feel about them. If you don't know a candidate, you can refuse to give a score at all. In approval voting, the binary form of range voting, you could just give an approve/disapprove/no-opinion vote for each.
The benefit of range voting is that studies show that it has the lowest Bayesian regret value, which seems to be a measure of how little pressure there is to hide your sincere vote. Unfortunately, ranked voting can involve some tactical considerations that may cause one to rank one's sincere preference lower than necessary. Range voting has less of an incentive to do that.
So, my preference is to have range voting replace most first past the post elections. I wouldn't mind having a party proportional voting system for the House of Representatives, but that is another discussion.
eudaimonia,
Mark