I do think the games need to be rejigged a bit. Because, honestly. Who gives a fuck about equestrian? Or synchronised swimming?
I don't know why you'd say equestrian, since that's hugely popular (well, the showjumping and cross country is; the less said about the snoozefest of the dressage, the better), but sychronised swimming has to go. Sure, that'll upset about three people, but they'll get over it ... and just switch over to the synchronised diving, which is rather awesome.
As for the amount of sports, I suppose there is something of a problem in that everybody wants "their" sport recognised as an Olympic sport but there's only so much time. I like a large, diverse Olympics though - if you find one event boring, it's not hard to find something else on that day that you like. That said, I'd be inclined to suggest that team sports should only be included when an Olympic medal is one of the highest honours in the sport. That would exclude soccer, despite its global popularity, because an Olympic medal means nothing compared to even a half-decent placing in a World Cup. Does anybody in Australia even remember how well any Aussie soccer team has ever performed in the Olympics? Meanwhile, I think the entire country still remembers
that World Cup match in 2006.
I am very pleased that rugby sevens will be added at the 2016 games. It can be held over just a weekend, so it's much quicker than your average Olympic team sport, it doesn't require any special venues, it's been very successful in the Commonwealth Games, and it gives a good number of smaller countries a realistic medal chance that they've never had before, e.g. Fiji. It'd be a much better fit than some of the stuff currently in the programme.
Plus it's hopefully another gold for New Zealand. We've never lost a rugby sevens match in the Commonwealth Games. 
I'm a bit skeptical about this push by some people to get Twenty20 cricket added to the Olympics though ...
