if we are stuck with the bones of the current competition then i would prefer to see Nelson and a 3rd Auckland team added to the current lineup. If they can financially cope then the more teams the better in my opinion (as long as their is a reasonable base of football in the area).
I think Waikato in theory should be able to put in a decent team by using local-ish players and a few ring in's - when i say decent-ish i mean they should be able to compete with the likes of Manawatu.
In Auckland the big problem about the two current franchises is their tie to their Winter clubs - i would bet there are very few people who are not either related to one of the players or who are central/waitakere city fans who support either Auckland City or Waitakere United on a regular basis. That is one of the massive drawbacks of a franchise system. The new Auckland franchise if based out south or on the shore should try very hard not to be just a winter club in disguise (ie Mangere United for example). If they can manage to connect to the clubs in their area i think a new team could build a strong fanbase and there is players who deserve a shot at national league but don't get a look in with the generally closed door policy of Waitakere and Auckland City.
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Unfortunately it pays to have a base in ( winter ) football before you apply for one of these "franchises "...not to worry Im reasonably certain that NZF will totally F@#* up whatever decision they make....