A sport without frisson? Call the mortician.
I think the complaint about large leads in the short program carried over to the long really
is about the "frisson" that sports fans seek and expect, rather than about mathematics. Consider an American football game where one team runs up a 35 to nothing lead in the first half. Along about the middle of the third quarter the audience starts to file out to get a jump on the traffic. Think about it. I just spent my whole monthly entertainment budget ($100 for the game and $40 for a hot dog and beer), yet -- no frisson -- I bail on my investment in the second half. (Well, at least i ate the hot dog and drank the beer.)
Now consider the seven game playoff series in hockey, baseball, or basketball. My team is down three games to none. No one in the history of the league has ever come back from a 0-3 deficit. And yet -- hey, buddy, you still have to come into my house right here, right now, and beat me if you want to pry the championship from my cold, dead hand. Whoever wins the last game wins the gold.
Factored placements wasn't a bad compromise, IMHO.
Hey, don't get me wrong, I appreciate frisson as much as the next guy (especially with a maraschino cherry on top

. bada bing).
I understand your point. However, in my very humble opinion, there is a line one must not cross in actively jiggering for frisson, lest athletic integrity be unacceptably harmed.
One of the cardinal principles of sport and athletics is the notion that the ideal outcome is
excellence. If excitement results in that pursuit (and, given the competitive nature of the activity, it should, most of the time), then we have attained the magical elixir that millions of weekend warriors seek. Competitive frisson, whether athletic or artistic, is qualitatively unique because it arises from the display of excellence. Otherwise it is no different from the sad trashy forms of mere entertainment (Simon Cowell, I'm looking at you) that, like the absurd Malvolio, drapes the metaphorical lion's skin over its own pasty, slope-shouldered physique.
Of course, this competitive integrity means that we may not get down-to-the wire finishes every single time. Some observations:
1) I don't buy the idea that this necessarily depresses excitement/interest/popularity. I would lay very easy odds that in golf, ratings for Tiger's imperious spankings of his competitors in Major Championships far, far exceed those recorded for Lucas Glover's lone win, or for whatshisname from South Africa in a nailbiter (oh yeah, Charl Schwartzel). Very often, sports fans (and certainly fans of art) simply enjoy being awestruck while watching a master/mistress exercise complete dominion (I didn't mean that to sound kinky).
The very occasional underdog as champion is mildly interesting; in the long term, however, a frequent and unending succession of underdogs in close contests will, far from promoting the sport's popularity, promote boredom, apathy, and, eventually, disgust.
2) Without such competitive integrity, we will resent and reject "close" contests as manipulative and forced. Like Katniss Everdeen in "The Hunger Games" (not my favorite movie, but hey).
3) Whether in the one-game format of the Super Bowl, or the best-of-seven in other major sports, there have been, probably many more relatively clear-cut contests than there have been last-minute or final-game heroics. But notice that none of these leagues, not the NFL nor MLB nor the NBA, have done anything horrifically gimmicky, like making back-end periods/games worth more, even though such gimmicks would clearly encourage "down-to-the wire" dynamics (please see 2), above). In a way that is ineluctably connected to the nature of sports and competition, a close contest, when it does arise, is electrifying precisely because the closeness of it is not inevitable.
Despite all of the above, I am not vehemently opposed to factored placements. The old 6.0 idea that the top three after the Short all have a shot a winning (sort of like 'making the cut' in golf, although I believe the cut-line in golf has more to do with logistics and saving the grass than with frisson) is certainly workable (having worked for real in the past).
So, what is the difference, when all is said and done? All this really does is to decrease amplitude. In other words, it eliminates the possiblity of the spectacular come-from-behind win (like Gracie almost did at Nationals), but it allows anyone in the top three to have a chance. The current system has far greater amplitude, contrary to some posts made here. A skater can come from way back to win the competition if she has the goods; but it also means that, if a skater has dominant skills, it's harder for a scrappy underdog to pull off the upset. From the perspectives of both athletic equity and viewing interest, I personally prefer the latter. The history of sports ratings seems to demonstrate that I'm not alone in this.
Net-net, however, I continue to believe that the issues of skating popularity (in the US) lie elsewhere. The question being discussed is by comparison a luxury item, that may or may not have a meaningful impact if the more pressing issues (e.g. lack of a compelling domestic ladies champion) are solved.