Best of 3 fits perfectly with the theme of 3 in this event. 3 players per team, 3 elements per duel, 3 duels per match. I don't plan on changing it.
The double elimination format really hasn't been an issue from what I've seen. There is a 1 match gap where the losers bracket has to catch up but that's not really excessive. Most of the problems before were with player activity and not the competition format. After three successful runs I don't think any major revisions are really necessary.