Absolutely. I'm glad to see that the rules around CL teams dropping into the Uefa Cup are about to be changed. I think it's hardly fair that those teams get a second bite at the cherry.
The Uefa Cup used to be a pretty good competition, but in recent years it's little more than a subsidiary cup, which greatly devalues it. They got rid of the Cup Winners Cup in order to protect the importance and value of the Uefa Cup, but to me, that's just not happened at all.
Personally, I'd rather they kept the CWC and dropped the Uefa Cup. The CWC would actually be closer to the old European Cup format than the current CL. Sadly though, money dictated the direction, as highlighted by the expansion into including group stages in the Uefa Cup.