IMO, the event has really gone down hill in the past decade or so.
I don't think we'll ever see the glory days of 'Nique/Jordan but one way to resusitate this thing would be to get the big names back. I'm sick and tired of seeing non all-stars taking part in this event. Get the D-Wades & Lebrons of the world in the event and it might be more entertaining. Bonafide names and all stars.
Even then, I'm not sure its enough. We've seen so many different and unique dunks over the years that its become almost impossible to come up with something unique and exciting that doesn't include props (which I hate the use of in the first place).