I think the Academy Awards could be spiced up a bit, but the problem isn't the Awards, or the number of nominees. The problem is really the program itself being boring as hell. The attempts at entertainment typically fall flat--so why have them?
Frankly, the Academy is terrrible at doing what the Golden Globes does best. Presents the Awards you give a shit about, and gets on with it. Do you really need to see a song and dance routine, listen to a bunch of terrible jokes, and see who won for Best Key Grip in a Short Film? I don't.
So, hopefully, Mr. Innovative, Tom Sherak, will keep what we want, and dispatch with the rest of the fluff. I don't particularly care whether there are five nominees, or ten, but increasing the number of nominees (there will be ten nominees for Best Picture, to start) does denigrate the destiction. There's no way around that. Of course, we'll see less performances left out of the process, but that will only add to the difficulty of choosing a clear winner.
It seems to me that the Academy Awards needs more subtraction and less addition.