I completely disagree, probably purely due to nostalgia, but if personally given the choice I'd never give up the League Cup.
Possibly you could convince me that it should be a tournament that doesn't include those qualified for Europe, but let's be honest, the real issue is the stupid amount of games in the European competitions, that purely exist as a money spinning exercise.
Something like 60% of the sides that make up the CL "League phase" have no business being in the Premier European tournament. Scrap that and have those lot be in the Uefa Cup equivalent on their own, CL as just a pure knockout tournament for the actual good sides, and all of a sudden there's much less fixture congestion already.
Then go on and remove a bunch of the meaningless internationals that nobody care's about and the issue's gone entirely, and we still have our glorious Coca-Cola Cup.