I think if the format is going to change, it should definitely at least be changed so that the Champions get an automatic place in the CL, along with the FA Cup winners, and 2nd and 3rd in the PL have to qualify, with 4th, 5th and 6th or Carling Cup winner going into the Europa League.
I think the reason it's the top 4 teams from England is to give teams like Liverpool and Arsenal something to play for, much like the Play-Offs give teams soemthing to play for etc etc.