Yeah, pretty much this.
I actually like this format because it gives all the associates 6 games - how you expect the associates to close the gap without regularly playing the bigger nations is beyond me - but at the same time, as you've highlighted, a one off success for an associate in this format pretty much means nothing unless they can back it up on another 3 occasions.
The biggest problem I've got with the format is the amount of time it takes to get through the group stage. Playing 1 match a day is ****ing ridiculous.
There's also been a few dire calls (mostly from our brothers in the subcontinent, oddly enough) who seem to think that cricket should simply be an elite sport. Frankly, that's rubbish. No-one complains that in the football World Cup, 48 of the 64 games are group matches, and that realistically only 6 or so out of the 32 qualifiers have any chance of winning it. If the football World Cup went down the route that the Cricket World Cup seems to want to go down, then Argentina, Brazil, France, Germany, Spain, Italy and England would all qualify automatically, with the 8th place being a playoff between Uruguay and the Netherlands. Why bother including teams from North America, Africa, Asia or Oceania, as they won't win it? Why bother including half the European and South American teams, who also have no chance? I guarantee that if any football fan suggested that as a format for the World Cup, they'd get laughed at. Yet suggest that a cricket World Cup should only be between 8 teams, and people actually agree with you?
Deadset joke. It's a ****ing world event. The associates might not stand much of a chance, but that's not the point. The World Cup will be the pinnacle of these guys' careers, and the ICC should be encouraging as much participation from the Associates as possible. Excluding them from a major world event, and all the exposure that goes with it, is ****ing dire.