I prefer 8 - or at least I did before there were were two power conferences - but there would have been a TON more angst with 8 this year. Even if you only did the top four conference champions - which would have left out the Big XII champion - only choosing four out of Texas, Penn State, Notre Dame, Ohio State, Tennessee, Indiana, SMU and maybe even Alabama would have led to significant arguments.
Probably slightly less angst at 16 this year because it would lack the Alabama/SMU argument. But the Miami, Ole Miss, South Carolina, BYU argument would still be there.