The idea that the BCS is a "playoff" becomes flawed when the team that is undefeated gets left out of the NC in favor of a team with one, or in the case of LSU 07, two losses.
I agree that Boise's schedule is not nearly on par with that of the typical BCS conferences. However, they have gone undefeated twice now over the span of four years including two wins in BCS bowl games. Now they have a pre-season Top 5 ranking and just beat 10th ranked Va Tech at a "neutral" site with a partial VT crowd. They've proven they can play with the "big boys," so why not let them try for a NC?
I question whether or not non-AQ teams truly have a shot at the national championship in this system. Given their body of work and the "BCS-busting" they have done over the years, if Boise is the only team in the country to go undefeated when all is said and done and they are still left out, the answer to that question is a resounding "no."
I think in this system they can and probably will play for the national title IF they take care of business. I also think most people just don't like the non playoff system.