AUS Controller expressed concern regarding the newly implemented airspace and associated procedures; suggesting revisions and reviews of same are in order.

Narrative

AUS procedures allow for VFR departures to climb to their requested altitude with no restrictions. These unrestricted VFR headings allow for reciprocating; turboprop; and turbojets to climb and turn into downwind traffic; separation is not procedurally ensured. The new prearranged coordination procedures are incorrect; flawed; and not safe. There are no restrictions with regards to altitudes; headings; or separation responsibility. There are no 'right of way' rules defined in the prearranged coordination and the separation responsibility is unknown. With the manner in which some AUS controllers feed the downwind 5 - 10 miles east of the Final Approach Course; this is a recipe for disaster. There are no provisions for any AUS sector to cancel the prearranged coordination due to traffic; volume; weather; or etc. We are putting everything to chance; and just hoping that AUS controllers will miss each other. This type of prearranged coordination is essentially a sanctioned form of 'look and go;' 'run and gun;' 'turn and burn.' Recommendation; the 'new' airspace needs to be canceled or immediately redesigned. The 'new' procedures associated with the new airspace need to be reviewed by an outside authority with some knowledge of procedures. The 'prearranged coordination procedures' at AUS need to be rewritten by someone who has knowledge and experience of prearranged coordination procedures.