I didn't like North America vs. the World, and having the Stanley Cup champion play a team of all-stars wouldn't be very compelling (or fair, if it counted as a real game, as you're suggesting).
I'm not sure how you make the games more intense. Maybe do what MLB does, and tie home ice advantage to winning the all-star game. Maybe give financial incentives to players on the winning team. Or maybe a lot of goals is exactly what the NHL wants.
On another all-star related note, what about the NHL's rule that if you sit out the all-star game with an injury, you're suspended for the first game back after the break? I'm not sure of the exact specifics of the rule, but two Red Wings -- Lidstrom and Datsyuk -- we suspended for one game because the Commish didn't deem their injuries to be real, or at least sufficient enough to miss the game. Is this a good idea? Or should players be allowed to take the time to rest?