I'm too casual a fan these days to really respond to this properly, but hockey was my #1 sport growing up. My interest weaned in the late 90's, and apparently I wasn't alone.
I'd argue for contraction, not expansion. It's not going to happen, but the NHL doesn't need Columbus, Nashville, Phoenix, Florida, etc. Rivalries are what make sports great, and I like any division where the Rangers play the Islanders, Flyers, Devils (ok, give me the old Patrick division) more.
I like the 4-4 OT rule with 1 point guaranteed, but like Sicarius, I don't particularly like the shootout. I understand the NHL needs to generate more excitement, so fine.
At the end of the day, the NHL needs to market those rivalries. I haven't checked, but I'm betting the Bos/Van cup series was highly watched. We had an original six, we had US/Can, and what made it great was the little feud that developed. It was great. If this realignment gets local rivalries to matchup in the playoffs more (and it looks like it does), I'm all for that.