As a fan i much prefer the championship, i like the fact there is probably 12-16 teams who start of the season fancy they could go up (there is always a section in every league who are unlikely to challenge)
Giving saturday just gone vs Norwich as example, i really enjoyed the game, would like us to of won of course but it was end to end, two teams trying to play football, trying to win with attacking football and a full house watching on.
However as a club i know the premier league is the place to be purely for the funding and exposure it brings, if you think to where we were as a club in 2002 when we first went up to where we are now as a club in terms of facilities, structures, academy, etc let alone the quality of players we have, it shows the benefits of the premier league money.
Back in the 90's i remember us reguarly playing Oldham and Port Vale at the same level, where as we reached the 'promised land', they didnt and gradually declined and look at them now.
All the above is how the premier league helped the club, but as a fan the novelty had long wore off before last seasons relegation. I also think how you approach the premier league is a big factor, go up targeting certain games, waving the white flag at others, it becomes tedious.
However using Wolves as an example, i like what they have done, they have gone up, had a go at teams, not changed their style too much and beat a tough opponent in the FA cup and will now fancy there chances of getting quite far, i like their approach.
Dont get me wrong i still think they will finish midtable and get nowhere near europe (as some of their deluded fans thought) but i like the way the way they have approached matches and as a fan if we went up, i would like us to do that, we wouldnt have the money they did but we can still play with style, we might get a few batterings along the way but we would also get some surprise results too.
Thats the only way as a fan i would like us to go back up, having a go when we get there, and if you get relegated, you try to get back up and have a go, either way promotion and relegation are exciting! And as much stick as Peace and Jenkins got / get, the way we are run means we dont have to have a firesale like lots of other clubs, it means we can keep good players so we should always be challenging for promotion for the first season or two after relegation.
There will come a point where that doesnt come off but i think you have to be careful with 3 / 5 / 10 year plans anyway because in football, nobody lasts that long to fulfill the plans!