I can not believe Ricky Bobby has not weighed in on this topic.
It is really simple. "If your not first, your last." Does it really matter who took second? If you lost it does not matter what place you take, because it is not first.
They one thing I hate about True Second, as long as you don't lose to the second place kid you get a shot at second. You could lose to a kid that gets beat out and still get a shot at second.
The only way I could go with True Second is if we added a twist. If you lose the Second Place Match, you are beat out of the tournament and everyone else moves up the ladder. Two losses means you are beat out, even if it is for True Second.