I support the changes because the court has been an undemocratic far-left Charedi-hating junta.
However, the bill is quite extreme and might backfire on us later, in a similar fashion to Harry Reid and the filibuster. If an extreme leftist government gets elected they can pass whatever they want and the court will not be able to intervene. Oh, that's exactly what they did until now. So the risks are the things that were happening until now too. Only difference is that the right will be able to govern for a change, and this is why gedolei yisrael conditioned entering the coalition on the overriding clause with 61 only.
I personally think that there's a bigger elephant in the room than any part of the reform that is being discussed now.
While they are trying to pass a law that the Israeli Supreme Court cannot strike down basic laws, the entire process for making those laws is totally flawed and meaningless, and even if/when amended (which might not be a good thing - as they are being acknowledged as some kind of a constitution), חוק יסוד כבוד האדם וחירותו is on the books, and has been abused by the left-wing Supreme Court, even though it was passed without even 60 MKs voting in total (whether pro, against, or abstaining!!!). Accepting a law that was passed in such a way as a basis to strike down other laws is a travesty. But touching that law will create a "progressive" uproar that will dwarf the current protests, as it will be framed as going back on human rights!