I
LOVE
the round-robin schedule. It offers the fairest possible conference title format in both football and basketball. The resulting television product is attractive to broadcast, but TV companies don't have to feed 12, 14, or maybe 16 mouths. I think in time we'll see a tighter sense of community amongst the schools, both in competition against each other (loving to hate each other) and in competition against other conferences.
I know people want to see a title game and divisions, but I don't know that they're worth it. The revenue increase would have to be particularly substantial to make expansion worth it in my mind, like Notre Dame and Florida State.
Or (for the sake of argument) it would have to involve significant rivalry implications within the conference like Nebraska - Iowa or Penn State - Pittsburgh. For obvious reasons, this will never happen.