Feudalism - A Good System?

Today Feudalism is a system mainly associated with the Middle-Ages, primitivism, and serfdom. It is true that in some cases of looking at feudal society serfdom appears to be present, but it is not this aspect that distinguishes feudalism from other political systems (After all serfs also existed in highly centralized Tsarist Russia and to some extent in Communist regimes, where agricultural workers were not permitted to relocate themselves to other areas.) An important aspect of the Feudal system was rather its decentralized character. The concept of lords, vassals, and their contractual voluntary relationships makes Feudalism unique. A Feudal-based Monarchy is something I would advocate (whereas I would certainly NOT advocate any sort of totalitarian rule through absolute Monarchy). True enough, feudal lords often expanded their realm by conquest, but it was not commonly the case. A landlord would usually swear fealty to a more powerful lord or a King because the latter offered him a high degree of security and protection. The King (or lord), in turn, offered the vassal protection of liberties and property for some sort of earlier agreed fee (perhaps a tax, tribute, or a form of military service). Thus the vassal's rights were fully protected - he could at any moment break the contract and join another lord or become independent. No taxes were superimposed on the vassals - they had to be agreed to by the people being taxed. These are hugely important rights which none of us have today (in a supposedly "free" democratic system). Apart from those advantages (protecting regionalism and individualism), Feudalism also allowed many voluntary bonds to be created and many non-governmental institutions to prosper. One of these great institutions was the Catholic Church and its Monastic system - to which our society owes a tremendous debt (I highly recommend the book How the Catholic Church Built Western Civilization by Thomas E. Woods, Jr.).
I think it is imperative that we all rethink our stance on Feudalism - which was a more natural and less corrupt system than we live under today.