I think having the omnium is a good thing, but absolutely not in the current form. It should be a good mix between sprints, endurance, riding on your own and riding in a field/mass start.
And yeah, elimination race should be a stand-alone event
My favourite event after the 1km time trial, which is of course less tactically exciting to watch, but for me it's also some of the purest essence of sports: pull out absolutely every single last bit of energy in your body and if at the end you're still able to walk, you didn't go deep enough