The ICC need to redesign the "World Championship" to be a tangible competition and address the issues below :-
- there is no beginning or end to the "championship", it's just ongoing rankings. Teams in the middle have no aim, a knock-out format might be better
- teams play however many Tests suit them, it should be a fixed number over a fixed period
- some teams are becoming too obsessed with one day cricket, I've read that India want to play two Tests and seven ODIs against England
- too many teams have Test status that aren't good enough, the gap needs addressing - possibly with a two tier system or knockout format
- while there is a gap in standard within Test cricket it is unlikely other countries will be given Test status. A multi-tier or knockout system would resolve this, new Test teams joining at the bottom tier
- money is becoming too much of a factor in cricket, this means teams want the money spinning games, big TV deals and pitches are tailored to last the full five days (in Tests) and not to produce good cricket.
- and the biggy, the issue of technology and umpiring in cricket. The ICC may hide away from it, but it won't go away. While millions see any bad decision replayed many times, the umpire sees it once. Are the ICC going to help the umpires with technology or let them continue to be subject to trial by TV? It's getting ridiculous with dismissed players watching their dismissal on big screens meant for the public, or team mates in the dressing room, and decisions are being questioned before they even get back to the pavillion. Even if the teams only see the bad decisions that evening or even at some later point, it builds up feelings of being hard done by and anger which isn't good for the relations between teams or with the umpires.
No they aren't flawed. It's a very good way of ranking players. The rankings are weighted so while past performance does still influence the result, past performance counts for less as time goes on. So current form does play a part in the rankings. Players also dont score 100% until they have played the required amount of matches (for batsmen after 10 test innings he scores 70% and its not until 40 innings he scores 100%), this stops new players suddenly appearing at the top of the rankings.
The player ratings are flawed, I have seen many questionable rankings. Some of the oddest are those for players like Shane Bond who may have a great Test record, but have hardly played. As I recall Bond is on 15 Tests in five or six years, that may qualify him for a full rating, but a lot of players manage that number in a couple of years. Have a glance down the rankings yourself and see how many odd looking rankings you come up with, I bet if you look at those who've been injured a lot you'll wonder how they're so highly ranked