As you say, the right turn traffic is now stored on the new bit of road. So much so that sometimes I have queued from just by the B&Q entrance to turn into Riverway and taken 10 minutes to get onto the road.
The one thing I would have done differently is not to put the middle set of traffic lights in. I think this set of lights causes a lot of problems. Traffic coming out of the Hough would have to go to the traffic lights at the Riverway junction. This would, of course, increase the traffic at that junction but obviously the lights and junction would have needed to be seriously upgraded somehow. But as I'm not a traffic planner or highways engineer I don't know how that would be done.
The Riverway junction and lights need upgrading anyway in my opinion.
Getting traffic into the Hough seems to work a lot better than getting it out again. Ultimately as with any set of roads / junctions, there is only so much you can do and then it comes down to the volume of traffic being generated being the problem rather than the roads themselves. But The Hough isn't going to move now its there...
The St Leonards lights could probably come out, but if they did, not sure that you'd want traffic emerging from the Hough. If that happened you'd need to allow a right turn onto Lichfield Road at the Riverway lights. For that to work effectively, the approach would need to be widened for a separate right turn lane (Lloyds would have to give up some car park!). In turn that would probably affect the timing at those lights, which may be a problem with holding Lichfield Road at red for longer when everything is backed up to the gyratory.
My suggestion would be that St Leonards / Queensville Avenue should be blocked as a through route to Fairway to get rid of the rat run. All traffic would then have to come down Riverway and this would give greater control over the flow on Lichfield Road. That may give the option to remove or revise the St Leonards lights. Ultimately though, all this may do is get you to the queue for Silkmore Lane roundabout a bit quicker.
Another suggestion (not mine) that is a bit more radical is that Riverway is made one way such that there's a big loop Riverway > Lammascote > Queensway > Lichfield Road in some way. Idea being that you could simplify junctions, so although cars may have to go a longer way round, it might create a little extra capacity.
Notwithstanding all of that, what we really need is less people in cars!!!