I'm probably in the minority here, but I think to have a tournament that legitimately attempts to call itself the World Cup, you need to be inclusive of clubs in continents such as Asia, Africa, and even North America. Only a few token slots is not sufficient. (I think the balance now is about right.)
Otherwise we'll just end up with a tournament that calls itself "the World Cup" and yet consists only of a European white man circle jerk accentuated by a handful of black and mulatto Portuguese speakers from Brazil.
IMHO, in a partially related note, Tunisia got pretty much robbed today by a ref who missed a FK handball combined with a constrained Sheva who tripped over his own leg for a game-winning PK attempt.