Go back to 16 seeds.
Mens draws-Quite honestly, theres so much friggin depth in mens tennis these days that anyone in the top 80 can literally beat anyone in the world on a given day. Look at Karlovic knocking out Hewitt at Wimby, lucky loser Bastl knocking out Sampras, or Wayne Arthurs beating Guga when he was ranked #2 and Arthurs about #140. You'll still see upsets in the mens draw regardless.
Womens draws.-I know its a business and you want your stars to be there on the final days. But 16 seeds or 32 seeds, you will still have in the worst case scenario for the semis: At least 1 Williams Sister, at least 1 Belgian, a Davenport or a Capriati, and then maybe a player like a Sharapova (in a year or so) or a Mauresmo. Once in a blue moon you'll get a surprise like a Clarisa Fernandez or Nadia Petrova. You'll still get your high ratings regardless. Furthermore, 32 seeds alienates fans of womens tennis in the first week because in the coverage (at least in the US) they REFUSE to go anywhere else besides the main 2 courts unless you're deep into a third set for women or a late 4th set/5th set for men. So you're forced to watch Serena hammer some poor girl whos been in challengers and Tier V qualies all year. And they don't even TALK about the unknown girl and try and give you a sense of her. The match is so bad that you're forced to talk about what you see happening in the 2nd week blah blah.
Heres my advice: Either go back to 16 seeds or have ESPN cover the blowouts and have the Tennis Channel cover JUST the outer courts. Not everyone likes to watch blowouts.