I generally like commentary. The format does require modernization though.
I think that some of the bollocks they chat needs to be challenged more often. Perhaps, a play by play commentator to 'chair', then two commentators unofficially representing the teams that's playing and let them spar (ex-players, prominent fans e.g. Robbie Lyle). Leave tactical analysis for half time or the after show - it's rarely accurate in real time - and often doesn't take a professional to see it what's happening, so it comes across patronizing.
A bit more passion in commentary would be nice, can't stand ex-players tiptoeing around subjects in fear of upsetting their old club/mates.