No, really there are nothing wrong with Slovenia, Austria or Latvia to be replaced by any other team from I-st division. And I mean it. By any team. Because all the point of having 16 teams in WHC is to promote hockey in lesser hockey countries. We haven't got 16 competitive teams, we barely have 8 such teams. Any team that's worth to be in WHC have almost nonexistent chance of losing its place in elite division. If you can't be at least seventh team in the group, you aren't deserve to be here. Even if you are better than team that would replace you.
I would introduce something like promotion-relegation game, so it doesn't happen that obviously better team like Slovenia gets automatically replaced by Italians, Hungarians or so.