Well, I seem to have got my answer if these replys represent anything. I can't believe that people would prefer the ridiculously arcane rolling Test Championship - be it Engel's or the ICC. But the fact that a major chunk of the discussion revolved around the virtues or not of 1-0, 2-0 or 5-0 series wins shows how out of touch many cricket fans are. Nobody outside the very precious centre of cricket cares! Furthermore, nobody outside cricket knows or cares about the rolling Test Champ.
Other people seem to think that any kind of World Cup - any kind of formal competition would be bad for cricket. Can you name me any other sport at all that doesn't have a World Champ? Don't tell me, they are all wrong, and cricket has got it right!
And yes, it was palpably obvious to everyone that the Rugby WC was the best thing that has happened to their sport since...well, the last WC probably.
Cricket is a sport. Sport implies competition. Competition implies discovering who is the best.
Without a proper World Cup we are left with the 1 Day and 20-20 formats. They might be fun, but they don't tell us who are the best Test cricketers, and they don't represent the sport very well. Once again I say, cricket needs a Test World Cup.