jterrell - I agree that there need to be less games, but the mid-season tournament is a stupid idea.
I would rather see a format more similar to what the MLS is doing now with their regular season and their All-Star Game. Have pool-play/Olympic style regular season with point scoring for regular season standings that lead to playoff seeding. Do away with conferences, and have the NBA All-Stars play in an exhibition All-Star Game against World All-Stars (and give international NBA players the choice of playing for the NBA team or the World Team if chosen by the World coaching staff).
I also would like to see summer exhibition games like a few years ago when the Lakers played and beat FC Barcelona (or whatever their basketball equivalent is); or more teams from EuroBasket or the South American teams coming up to play.
It could really evolve the game and make it more appealing to more audiences, and bring in some of the younger generation that is more progressively aligned with sports and more internationally-traveled or interested.
All of that can still be accomplished by having everything else in the NBA done exactly how it is now, and in my opinion slicing 20 games off the schedule, mostly Monday, Tuesday, and Wednesday games.
Play more games on Thu-Sun, you get more younger fans in the building and more kids, since they don't have to be out until 11PM or later on a school night, and the NBA will be more interesting than it ever has been. In the lockout-shortened season, there was MORE revenue than in other years because the games were all meaningful. Like I said before, you couldn't just coast until the All-Star Break and then turn it on to make the playoffs the second half -- teams were battling from the tip off on Christmas Day.