I don't mind this format. There are quite a few good reasons for it:
1) Rivalry. As a Bruins fan, the thought of a Bruins/Habs playoff matchup makes me salivate like Pavlov's pup. (Confession: It also scares the living crap out of me, because Rask hasn't figured out the Habs yet.)
2) Playoff brackets for fans. The post-season starts in mid-April, probably April 15. March Madness ends on April 6. Making the bracket fixed as opposed to the mobile bracket system will make more people pay attention to the first and second round games. Office betting pools don't really work with mobile brackets (even if the mobile bracket system made sense for how the seeds were determined).
3) Time zones. I can't speak much on this, since all the EC teams are in the same time zone. But it must be nice for people in California to not have to rush home to catch a 7 PM Central, 5 PM Pacific game against in Chicago.
4) Parity. Teams in the same division have nearly the same schedule - offhand, I know in the East the only real difference is 2 extra intradivisional games and how the third interdivisional game is split home/away.
I know when a team with fewer points gets in (or gets a better matchup), it sucks. But that's going to happen in most systems, unless you do something silly like have sportswriters judge the teams' performance like they do for college games - and in that case, you'd have endless outcry over teams that were snubbed, downseeded, or upseeded.
The real thing that's broken is the shootout. Forget the playoff format; it's not that bad. The AHL has reduced shootouts to about 6% of games - let's see the NHL get it down from about 15%.