More ranting.
In a perfect world we could just scrap the regions, and in their place create two new 'regions', East and West, with a further development region in the North. I feel this is the correct amount of teams atm, so that both the East and West sides would have the strength in depth in all positions to be competitive, as long as the management and coaching was in place that is. These are some hypothetical 40 man squads, with a few players moved in order to divide the player base a little more evenly between them.
West (Ospreys + Scarlets)
Props: Ryan Bevington, Rhodri Jones, Rob Evans, Adam Jones, Samson Lee, Joe Rees
Hookers: Richard Hibbard, Ken Owens, Emyr Phillips
Second rows: Alun-Wyn Jones, Ian Evans, Lloyd Peers, Sione Timani, 1 of Ball/Earle/Kelly/Snyman
Back-rowers: Ryan Jones, Aaron Shingler, Justin Tipuric, Josh Turnbull, Joe Bearman, Kieran Murphy, James King
Scrum halves: Kahn Fotoali'i, Tavis Knoyle, Gareth Davies
Outside halves: Dan Biggar, Rhys Priestland, Matthew Morgan
Centres: Ashley Beck, Jon Davies, Scott Williams, Adam Warren, Gareth Maul
Back three: Eli Walker, Hanno Dirksen, Richard Fussell, George North, Morgan Stoddart, Liam Williams, Andy Fenby
East (Cardiff + Newport + Valleys)
Props: Duncan Jones, Sam Hobbs, Phil Price, Scott Andrews, Aaron Jarvis, Dan Way
Hookers: Matthew Rees, Scott Baldwin, Sam Parry
Second rows: Bradley Davies, Lou Reed, Ian Gough, Andrew Coombs, 1 of Down/Hill/Cook
Back-rowers: Dan Lydiate, Andries Pretorius, Sam Warburton, Josh Navidi, Toby Faletau, Lewis Evans, Tom Brown
Scrum halves: Lloyd Williams, Aled Davies, Wayne Evans/Jonathan Evans
Outside Halves: Rhys Patchell, Jason Tovey, Sam Davies
Centres: Jamie Roberts, Cory Allen, Andrew Bishop, Adam Hughes, Ashley Smith/Owen Williams
Back three: Alex Cuthbert, Lee Halfpenny, Tonderai Chavanga, Tom Prydie, Dan Fish, Harry Robinson, Tom James
North (Development)
Props: Phil John, Shaun Hopkins, Will-Griff John, Cai Griffiths, Deacon Manu, Nathan Buck/Benoit Bourrust
Hookers: Kirby Myhill, Rhys Williams, Hugh Gustafson
Second rows: 2 of Down/Hill/Cook, 2 of Ball/Earle/Kelly/Snyman, Rob Sidoli
Back-rowers: Jonathan Thomas, Sam Lewis, George Stowers, Daniel Thomas, Rob McCusker, Mike Paterson, Robin Copeland/Morgan Allen/Luke Hamilton
Scrum Halves: Rhys Webb, Tom Habberfield, Rhodri Williams
Outside halves: Gareth Owen, Dan Newton, Daniel Evans/Lewis Robling/Steffan Jones/Jordan Williams
Centres: Jonathan Spratt, Nic Reynolds, Owen Williams/Ashley Smith, Andy Tuilagi, Dafydd Hewitt
Back three: Kristian Phillips, Will Harries, Chris Czekaj, Tom Isaacs, Tom Grabham, Hallam Amos, Michael Poole
In reality 45 man squads would possibly be needed to compete with the likes of Leinster, Ulster, Toulon, Tolouse, Clermont etc. With less teams, the finances might be in place to draw some of the players currently playing abroad back to Wales, which would further strengthen these squads. It does show how thinly the talent is spread at the moment amongst four regions, because the North Wales region is still lacking in many areas. Feel free to point out players I've missed. The Dragons in particular was more difficult because their website doesn't allow the sorting of their squad by position any more.