I'm a bit on the fence regarding the 48 teams. It does have a list of issues that comes with it, that's for sure. Now, looking exclusively from a football fan perspective, I find myself quite enjoying it. I don't think the level of the games were significantly worse than previous versions with 32 team, and I watched all the games except the ones that played at the same time. Yes, there were bad games and weaker teams but that was the case with 32 teams as well. Even with 48 teams, Italy was out, Hungary was out, Romania, Bulgaria, Denmark, Chile, Peru, etc... We also gained an additional full elimination round with 16 games, which is where the nail biting thing comes from.
For me, leaving aside all the negatives for the players/teams, it's been good, great even. And I was a skeptic before the Copa started, mind you.
Having said that, being born in Brazil and following football since I was born, I couldn't agree more with
@Coyote regarding the sport being dominated by corruption, at least in some countries. I can't think of anything as bad as football, really... Maybe boxing... And that is one of the reasons not always I want to see Brazil do well, just in hopes the criminals running football there can find another thing to suck dry...
I have a sense that with the amount of investments football is getting the past couple of decades and how professional it has become, the corruption can slowing disappear. I'm optimistic but wouldn't be surprised to be proven wrong...