I don't like it either, but to be brutally honest I (and the rest of the staff) have better things to do than be the signature police for 11209 members. I have enough trouble with avatars and if the board can give the staff one less bit of work to do then that's great. I'd rather spend my EB time helping out with contests than fighting this losing cause. We have too many members and too few staff to keep doing things this way.
As I've said, please use the "About Me" page and just use the signature for your recent work. It's a more sensible solution than having people load big lists of links for no reason most of the time.
For what it's worth, I do think the URL limit is unfair to many members. That's why the rule is waived for Counts and above. (Knights can have 8.) It comes down to it that most of our members are Citizen and below so by having the site handle those we can then handle the rest on a case by case basis. I've seen that when most members have loads of links many of them are stuff like those dragon egg things; limiting it to 4 prevents that. It also solves a lot of our spammer issues.
Besides, even with the new URL limit we have for years had a 4 image limit, which we do allow some latitude with long term members, including Citizens. Thus changing the URL rule wouldn't help you much anyway...
So aside from giving me more work, do you have an idea of how to do it better?