I think a smaller World Championship will be great. Based on some estimates I did, the 500 Championship Point requirement is the equivalent to around 428 Championship Points using last season's system, so while World's is definitely more challenging to qualify for, the 500 pt number is a little misleading because of the point payout inflation.
There were 77 North American Masters that achieved this, compared to 242 total invites. That means there would be a reduction of invites by a factor of 3.14. Taking out the Day 2 qualifiers, it's 61 Day 1 invites compared to 226 last season, decreasing Day 1 invites by a factor of 3.70.
There was 476 players in Day 1 last year. If that was to shrink by a similar factor, that would reduce Day 1 to around 152 players, which is a huge decrease. Last season, you had to go 6-2 to move onto Day 2. If we shrink Day 1 to around 152 players, then you might only need to go something like 4-2 to move onto Day 2, which makes traveling to the World Championship a hell of a lot more attractive than if you had to go 6-2 during Day 1 like you had to this year.