Other.
I don't think 1-8 has created the multitude of new rivalries the league thought it would. It's also just as big a marketing gimmick as the loser point imo. I still contend some of the most compelling playoff series - and certainly memorable - come from the days of 1-4, by division. It didn't matter that the Norris Division might have been statistically weak compared to the others. The games from those divisional series were always great. That the format might have made it more possible for a Cinderella team to find itself in the Conference Finals or Finals didn't detract from the experience imo. Having said that, with the cap and parity, we're far less likely to see a drastically weaker division today than 30-40 years ago.
If we're going to maintain two conferences and four divisions, my preference would be to go back to 1-4. The top 4 teams from each division make it to the playoffs.
If the playoffs started today, the seeding would be:
East - Boston, Carolina, New Jersey, NYR, Toronto, Tampa Bay, Florida, NYI
West - Las Vegas, Edmonton, Los Angeles, Colorado, Dallas, Minnesota, Seattle, Winnipeg
Series would be Boston-NYI, Carolina-Florida, New Jersey-Tampa Bay, NYR-Toronto and Las Vegas-Winnipeg, Edmonton-Seattle, Los Angeles-Minnesota, Colorado-Dallas
If we had a 1-4, divisional, format:
Eastern - Carolina, New Jersey, NYR, NYI
Atlantic - Boston, Toronto, Tampa Bay, Florida
Western - Colorado, Dallas, Minnesota, Winnipeg
Pacific - Las Vegas, Edmonton, Los Angeles, Seattle
Series would be Carolina-NYI, New Jersey-NYR | Boston-Florida, Toronto-Tampa Bay | Colorado-Winnipeg, Dallas-Minnesota | Las Vegas-Seattle, Edmonton-Los Angeles
The same teams. The only difference being that under a divisional format the Panthers are a lock barring a collapse.