The counter-argument is that European football is now so strong and deep that it can support a finals tournament of 24 teams. Don't forget, a lot of people thought that the expansion of the European Championship to 16 teams in 1996 would be a disaster.
Personally, I have mixed feelings about this. It is true that many nations who have very good teams that usually miss out on qualification will now get a decent shot at winning the competition. And all the new EC format will do is mirror the old World Cup format in place from 1982 to 1994.
On the other hand, it probably will lead to a dilution in quality, and make the qualification competition much, much less interesting.
Who do you guys think would win... USA or Australia?
I bet 90% of the world believes Australia is better than Bosnia because they see Australia on TV in the World Cup since they pretty much qualify with ease playing against Cambodia. That's 110% criminal. It's criminally offensive to football that teams like Trinidad, Costa Rica, Australia, etc. can make the World Cup but strong teams like Scotland for example will watch the World Cup from home. I thought the World Cup is a competition between the best nations in the world in terms of football, and not a competition rationed between Asians, North Americans, etc. "just to be generous". No we can't have it. If Trinidad or Saudi Arabia suck arse in football, leave them home and replace them with strong nations like Bosnia and Scotland that have devoted their whole interest in the sport. The World Cup is not fair.
The World Cup not fair? Tell that to the Asian nations who comprise around two-thirds of the world's population, but have to do with 4.5 places out of 32 at the World Cup finals (and until recently, much less).
Football is now the world's sport, not just Europe's. There are derbies in India, Indonesia and Iran which attract 100,000+ people to the stands, more than anywhere in Europe or South America.
Nations like Australia and South Africa are massively overrated because they are part of the Anglosphere, with all the attendant advantages in terms of media exposure that confers. How many people watching next year's World Cup finals will know that South Africa are not even one of the top 16 teams in Africa, given that they failed to qualify by a mile for the African Cup of Nations 2010?