I actually like it. Gets more countries involved, and over time will bring up the standard in the semi-mid-range (40ish to 80ish) ranked countries as they now have a realistic shot at getting a ticket. More sponsorship/TV money for the countries that make it = more investment in their local programs = better standard. Bear in mind this is for an event 12 years from now so there's plenty of time to get ready.
There's still the same amount of games (roughly) as now, but they'll all have more meaning. I reckon the group stage carries on too long as it is.
Penalty shootouts in the groups is interesting, but I guess it's there to stop teams from parking the bus to get through on a draw in the third game.
Makes sense for CONCACAF and CAF to pick up some bulk spots. They've got 30-something and 50-something teams compared to CONMEBAL's 10.