Some good points here, and PWR certainly is not a perfect system by any means. If you haven't before, take a look at the KRACH system, it's posted on USCHO.com and collegehockeynews.com, something that a lot of people have been advocating for for a long time. Sort of a similar concept, but executed differently, and many think more effectively.
The thing I like about PWR (and this applies to KRACH as well), is that it's 100% based on results and what happened on the ice, there's no arbitrary voting or secret computer formulas that you can't predict a la BCS. Team A basically knows exactly what they need to do to get in as the season progresses. Of course, the flipside of that is, you get these statistical oddities and things like a TUC cliff, or SOS questions. Comparing it against the other two major sport's selection process, I think it's the best for the sport. Certainly the BCS is a complete sham and no one should ever use it. I'm not sure a committee would work for hockey as it does in basketball, mostly because far fewer hockey games are televised and they're generally all at the same time throughout the season, so it's not really feasible for a committee to get their eyes on teams enough to make a good decision. Teams from the AHA and ECAC are almost never on TV so it wouldn't be possible for the committee to see them play. As far as I know, only three of the five conference tournaments are even televised, and none of them except for now Hockey East on NBCSN are televised on a national network.
Perhaps a PWR type system with some wiggle room allowed for the committee to take into account things like injuries, if a team played the first half of the year with a guy injured and did poorly but now he's back and their record is improved, or something like that, would be good, but with the lack of exposure of the sport, you run the risk of them making a complete judgment on a team by reading box scores and not seeing teams with their own two eyes. While the basketball committee certainly doesn't watch every team's every game, they at the very least have the ability to see any team they want during championship on TV somewhere.
The term college hockey fans love to throw out in response to PWR complaints.....simple math.