With 16 teams a top 8 starts to make a bit more sense, and hopefully reflect teams that have had a better than average season. It should work better depending on the draw and length of season they propose. But I agree with the original posters' point.
In English Superleague there are 6 team semis in a comp with 12 teams. The format seems to work well, ie
Week 1: 3v6 (sudden death), 4v5 (sudden death), 1 & 2 get week off
Week 2: 1v2 (winner to grand final), Week 1 winners play each other (sudden death)
Week 3: Loser of 1v2 v winner of other Week 2 game (sudden death)
Week 4: Winner of 1v2 v winner of Week 3 game (Grand Final)
So if you finish 3rd-6th you have to beat both teams that finished 1st and 2nd to win the comp (as well as beating two other teams in the first two weeks). If you finish 1st or 2nd you get a week off to start with, and then a second bite of the cherry as a reward for your great season. (If you finish 7th or 8th you get bollocks, as it should be!)
Only problem is that age old one about playing two games in a month if you win your major semi and go straight into the Grand Final. I think six team semis would have been ideal with NRL 14 or 15 team comps, and I hope ESL doesn't change it when they expand from 12 to 14 teams in coming years.