I always think these arguments get a little silly after a while - if you're going to start talking about whether the world cup is fair or not then what about the fact that the winner gets to be crowned world champs on the basis of one summer tournament every 4 years. Basically, it's never going to be fair to everyone and it shouldn't be. I personally think the balance between quality of teams and global spread is about spot on in the current format. Go too far either way and you start to lose part of what makes the World Cup what it is - a flagship event for the global game.
Oh I agree is definitely spot on in the current set-up, I just feel sorry for the small European nations as their chance seems even smaller to cause an upset than the small nations elsewhere. In saying that Iceland got just as close to the World Cup this year as we did.
EDIT: Yes I still think it is 2014, where has this year gone