I think regional cricket is a great idea - the game is still run to a large extent by the Counties who are still looking to preserve their own (mainly financial) interests and rightly so if they want to survive.

I would advocate 2 division cricket as we have now but counties only playing 8 first class games (4 home and 4 away) one dayers to remain the same, the 8 weeks freed up by no 1st class county games could accomodate the regional competition (round robin with top 4 into playoffs), the counties make their money (from the one dayers, could also organise "special" games whilst the regional teams were playing if demand were there).

Standard increases - gap to international level is reduced. As is mentioned you could get TV interested so extra revenue would also be created that way. Everyones a winner.