I voted "no," and without going into the problems I see with a playoff (I will save my soapbox rant for later,) I'll tell you how I wish it was structured:
Go back a version of the old bowl system, where conference champions host the bowls, with the SEC hosting the Sugar every year. You could protect the tradition of the bowls, maintain regional interest for them, and not have the PAC-10 screaming that they got left out every January. But make #2 go to #1's host bowl for the National Championship.
The problem, of course, is deciding who is 1 & 2. A perfect system for this would be to let me decide, but, barring that, how about having a committee, much like the seeding committee in basketball, to weigh the polls, records, strength of schedule, etc. and "seeding" the top two? It is not perfect, and I'm generally not in favor of decisions by committee, but it would avoid situations like having a 2 loss conference runner-up in Nebraska going to the Rose to get killed, or an Oklahoma team that just got pasted by KState playing for the title, situations that result from the formulaic approach the BCS takes now.