From the the perspective of competitiveness, I liked the old WJC format: 10 teams, the group winner goes directly to the SF, 2.-3. ranked teams play a quasi-QF, fourth team just quits, the bottom team from any group plays the relegation game(s). I actually like the idea of the group winner going directly to the SF a lot. Within the traditional QF format, the destiny of each team depends too much on one single game. You may be stellar during the whole group stage, then one bad day comes and you are out, while a team which struggled throughout the group stage goes to the SF. I find this … not unfair, but lowering the significance of the group stage.
From the perspective of hockey development strategy, I sort of understand the current format.